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.”