FamPay : India’s first numberless payments card


FamPay?

A neo-bank for teenagers. The aim of FamPay is to bring cashless convenience to teens and their family. Or we can say "One family, One account". 


As FamPay Card has no card number, all the card details are saved on the FamPay app and the company says that there is no need to refer to the physical card to fill in details during online transactions.



What is FamPay card?

It's like a debit card that use to make payments. 

Founded In : 2019 

Founded By : IIT Roorkee graduates Kush Taneja and Sambhav Jain.

Launched On : FamPay on 16 July, 2020 launched Fam Card in India.


Numberless Debit Card : Fam Card is a numberless debit card that can be used by teenagers to make payments independently without asking their parents for their debit card or physical cash.

FamPay, which is India’s first payment app for teenagers and their families. FamPay Family worked with the National Payments Corporation of India (NPCI) to launch Fam Card in India.


Bank Partner : The numberless debit card has been launched in partnership with IDFC Bank and the company says that it is accepted across the RuPay payment network of merchants.


FamPay App : As Fam Card has no numbers, all the card details are saved on the FamPay app and the company says that there is no need to refer to the physical card to fill in details during online transactions.


Online KYC : Fam Card can be ordered once the account is set up on the FamPay app after both the parent and the teenager have completed their Know Your Customer (KYC) online.


App Available for Android & iOS : FamPay app is available for both Android and iOS on the Google Play Store and on the App Store respectively.


Safe and Secure UPI Payment : As far as the security aspect of Fam Card is concerned, the company says that the UPI allows users to transfer money safely and securely on a real-time basis, across multiple bank accounts. 


What happen, If Card is lost : There’s no fear of card information getting disclosed. In case if it gets stolen or lost, FamCard can be paused, blocked and managed using the Fam Pay app.


Flash PIN Feature (New PIN for every transaction) : Fam Card has a special feature of 'Flash PIN', which is dynamic and is generated for every transaction. Teens can just flash this PIN to the cashier for offline payments, without the need of entering the PIN by themselves on the POS machines, allowing for true contactless payments amidst COVID-19.




Features:-

  • Parents can enable FamPay account for teenagers to provide and monitor spends.
  • Teenagers do not need a Bank account or parent's cards for any digital transactions.
  • Send money to your friends and family just like you send a photo or a message.
  • Scan UPI QR codes and pay instantly at any merchant.
  • Safe and secure payments.

Pay Anytime, Anywhere:-

  • Get your own UPI ID without a bank account.
  • Pay online and offline at your favorite stores.
  • Send money just like you send a message.

One family, One account:-

  • A pooled account for parents and teens.
  • Spend and track together using FamPool.
  • Setup your family in 2 minutes.

Safe and secure payments:-

  • Flash-PIN for 100% contactless payments in COVID-19.
  • Face ID and fingerprint authentication.
  • Block or pause your FamCard at your fingertips.
  • End-to-end secured systems.