FamPay Card – India First Numberless Card for Teenagers
FamPay, India’s first neo-bank or payment app that brings cashless transactions to teenagers, has launched India’s first numberless card, FamCard. It looks the same as a debit card that teenagers can leverage to make online (UPI & P2P) and offline transactions without the requiring to initiate a bank account.
With FamPay and its numberless Visa card, minors can do online and offline payments safely without setting up a bank account. It was developed by IIT Roorkee graduates, FamPay targets to bring 250M+ teenagers on a journey from cash to digital while motivating early financial support through practical experience.
“Digital payment has come to the new normal, but none of the apps provide the pre-banked segment of teenagers access to digital payments, allowing them to depend on cash or their parents’ cards,” says Sambhav Jain, Co-founder of FamPay initiatives.
FamPay Card In-Depth Details
The card helps minors become independent with none or very little monitoring from parents without affecting their financial security. Parents can transfer money to their kids on the app and also monitor the amount they are spending. They can also establish a FamPool account, which is a kind of group access for the family and can look where the money is spent. Teens receive their own wallets using which they can make payments without their parent’s permission.
The account supports zero balance and there are no hidden charges or transaction processing costs. The app also provides social support between friends as a feed where friends can share their transaction details and react to that information. The card can be claimed online after creating an account on FamPay app. KYC by Parents and Teen is compulsory and they can complete KYC online.
FamPay Card Security?
The FamPay app is available on both platforms, android, and iOS and this was found by 2 graduates from IIT Roorkee, Kush Taneja, and Sambhav Jain. The card tied with IDFC bank is accepted all over the country using the RuPay network. As the name hints, the card has no numbers on it as all information is stored on the app. This elaborates that the teens don’t require to refer to the physical card while making online transactions and there’s no risk of details being stolen or lost.
Every transaction is highly secured with device protections like a fingerprint, face ID, pattern lock, or PIN. In case, it is stolen the card can be blocked immediately and all transactions can be immediately stopped by parents through the app.
For offline transactions, FamCard supports Flash PIN, which is produced for every payment. “Teens can use this PIN to the cashier without entering a PIN on the POS units,” says Taneja. The teens also grab a unique UPI ID to have authority over the UPI Payments network.
How to get and price of FamPay Card?
- Download the FamPay app from play store or app store and proceed with KYC verification.
- Parents can send invitation to their kids and also help kids complete their KYC.
- Parents can send money to their kids online with ease. Get FamPay.
- Premium FamPay card costs Rs 599 and cheaper one will cost only 299 with limited facilities.
How do I get a free FamPay card?
As part of our referral terms, few offers are customized for teens to receive their FamCard worth Rs 500 for free. You need to log onto the app and find details, to get the referral offer, Check here
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When will I get FamPay card once ordered?
It takes 7-10 business days to deliver after you order the card only.
Can I return/exchange the FamCard once I placed my order?
No, the FamCard Me cannot be returned or exchanged. Besides, it’ll be so finely made for you that you wouldn’t like to exchange or return it! 😍
Is the FamCard Me safe?
The FamCard Me is numberless and highly secured, it is completely safe. All the card information is safely saved in the FamPay App and is protected using device security. Even if your card is lost or stolen, the joke’s on the thief 😆 Your card can be stopped anytime through the FamPay App.
Can the FamCard Me be used even after you turn 20+?
Yes! You can continue using the FamCard Me even after you turn 20+. This is one card that will never stay away from you 💞
If the FamCard Me is numberless, how do I pay online?
All the card information is securely stored on the FamPay App which can safely be copy-pasted to make transactions online. We really don’t need to remember the numbers when you don’t need them anyway! For offline transactions, simply hit and pay with the FamCard Me, on the go.
What will happen to my Rupay FamCard once I purchase the FamCard Me?
Once you move to the FamCard Me, you will still have all authority over your virtual/physical RuPay FamCard. The new FamCard Me will be your default card. However, you may proceed to use your existing RuPay card if you like, by moving to it in the card settings of your FamPay app. You can opt between the two cards at your ease. Both cards will however be connected to the one FamPay account you have, and hence payment limits will stay the same (whether you use Visa/RuPay FamCard)!
Can you get a debit card at 16 without parents?
You can clearly establish a savings account as a teenager, without having your parents with you. You can get payments into a savings account from your parents. You may even be able to withdraw money from it on a limited basis.
Is FamPay legal?
This is necessary because these policies are legally binding documents. Get more details here.
Can a 15 year old get a debit card without parents?
Minors aged 15-17 can open an account of their will without a parent or guardian’s help.
Can we use FamPay in Amazon?
You wish to purchase something for mom on Amazon – yes, you napped it right! You can use FamCard. The 16-digit number that Famcard does not bring and is stored on your app. So just use it from your app and supply details on the payments page, along with validity (mm/yyyy) and CVV which is also available on the app.