India's first numberless card : Fam Card

Fampay launched India's first mobile banking service for teenagers

 FamPay has launched India's first numberlesd card 'FamCard' for teenagers.  The company claims that the card is like a debit card that teenagers can use to make payments.  With this card, teenagers can freely pay without disturbing their parents for cash or debit cards. FamPay has launched NPCI (National Payments Corporation of India) to make India's first numberless card worked with real  world.  The number-equipped card is launched in partnership with IDFC Bank and is used in the RuPay payment network of merchants.

 According to the company's co-founder, Sambhav Jain, in the epidemic, people have become cautious to use cash.  Meanwhile, digital payments have become 'new normal', but no app provides a pre-banked segment of the minor for digital payments, allowing them to fully cash in to complete transactions or depend on their parent's card. Sambhav Jain also believes that, since the launch of FamCard, the demand for coffee in this product of the company has increased rapidly.  And it has so far exceeded 30K + downloads.

 According to Dilip Asbe, MD and CEO of NCPI, with Fampay numberless card, Young Entrepreneur is thinking beyond the traditional methods of banking as well as bringing new innovations for online payments.

 How does the card work?

The card can be used both online or offline, as it has UPI, P2P and card payment options.  Parents can send money to their children on the app, which can then be used by the children for payment through Famecard.  Like a debit card, a bank account is not required to use FamCard.

Is FamCard safe?

 According to the company, it is safe to use FamCard.  The online transaction is secured with a device lock and one needs to unlock their device with a pattern lock, PIN, Face ID or fingerprint to make the payment.  Also, there is no number on the card - it is a numberless card.  For offline transaction, the card has a flash pin, which is generated for each transaction.  Flash pins can be used for offline payments.

 Likewise, there is no fear of theft being stolen in the event of card being lost or stolen.  As per the claims made by the company, the card can be blocked, paused and managed through the FamPay app.

 How to available Famecard?

 To available FamCard, users need to create an account on the FamPay app, after which both parents and children need KYC.  KYC can be done online.  There is an account zero balance on the FamPay app with no hidden or transaction charges.

 What is a FamPool account?

 The FamPay app gives its users a feature called FamPool account.  This facility helps the family to track money and can cut expenses for the coming months.

 How to download FamPay app?

 1- Go to Google Play Store (Android users) or App Store (iOS users) and search FamPay

 2- Now install the app on your device.

 3- Open the app as soon as the app is downloaded.

 4- Click on Get Start and enter your mobile number, fill in the OTP received by you.

 5- Once your phone number is registered, click on Continue, then enter your credentials.

 It is important to note that FamPay is only for teenagers, who are below 18 years of age.

 About FamPay

 In 2019, two IIT graduates - Kush Taneja and Sambhav Jain - rolled out the Fam pay app. The app is available for both platforms Android(Google Play Store) and iOS(App Store).  The company's headoffice is in Bangalore, India.  In March 2020, the app created.