FamPay recently launched India’s first numberless debit card – FamCard. FamCard just like any other debit card can be used by the teenagers in making cashless and online (UPI & P2P) payments without having any requirement to open up a bank account. While making a transaction through FamCard, teenagers will not require to furnish any details from a physical card, as the details of FamCard will already be saved by the app.
Transactions made via FamCard will be protected with device locks option including fingerprint, Face ID, pattern lock or PIN and the company assured that information can not be accessed by some other person in case it gets stolen or lost and the owner of the card will be able to pause, block and manage it instantly on the app.
Sambhav Jain, Co-Founder of FamPay said, ” Months into the pandemic, people have become more cautious with using cash. Digital payments has become the new normal. None of these apps however, gives the pre-banked segment of minors access to digital payments, making them totally dependent on cash or their parents cards for the last mile of completing a transaction. FamPay solves this problem by making teenagers part of this ecosystem for the first time. Since our launch just two months ago, we’ve received high demand with 30K+ downloads already. In addition to the card, we give teens their own unique UPI ID with which they get first-hand access to the growing UPI Payments network. Teenage is a habit-building age, and we want to be the product that begins and defines their journey in finance and payments.”
FamPay had collaborated with NPCI (National Payments Corporation of India) to manufacture India’s first numberless card to offer a solution to the complex backend supply chain issue which needed to be reimagined and reconfigured. The Card has been launched in partnership with IDFC Bank and can be used to make a transaction across the RuPay payment network of merchants.
Dilip Asbe, MD and CEO of National Payments Corporation of India (NPCI) said, “We are happy to be a part of the FamCard launch for India’s Gen-next population. With FamPay’s numberless card, the young entrepreneurs are thinking beyond traditional ways of banking and bringing true innovation in payments. The power of RuPay and UPI coming together to offer an innovative consumer solution. This thoughtful initiative will ensure that the habit of going cash-light is being inculcated at an early age”.
Kush Taneja, Co-founder of FamPay said, “We aim to build a leading Gen-Z brand. Any product that caters to the Gen-Z teens will have to resonate with their vibe. With the FamCard’s numberless design, it not only matches their aesthetic style, but also takes security to a whole new level. FamCard 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”.
To order the card, a teenager will be required to open an account on the FamPay app (which is available for download on both Google Play Store and Apple Store) after completing the KYC process online along with the parent.