India’s 1st Unique Numberless Card By FamPay For Teenagers
India’s First Numberless Card By FamPay For Teenagers. FamPay, a teenage mobile bank that offers cashless comfort for millions of teens and their parents, has announced the launch of India’s first numerless wallet-FamCard.
It says that FamCard is just like a debit card that can be used by teens to make payments individually, relieving parents from the hassle of sending them physical cash or debit / credit.
Through FamPay and its endless wallet, minors can now make payments online (UPI & P2P) and offline, without having to set up a bank account. That operation is secured by system keys such as fingerprint, Face ID, pattern lock or the company claims PIN.
Because FamCard has no digits, all the records of the card are stored on the FamPay app, and there is no need to return to the physical card to fill out information during online purchase. There is also no risk that card details must be revealed in case it gets stolen or lost and that the card can be stopped, blocked and handled on the app with fingertips.
“Months after the pandemic, people are becoming more vigilant about cash use. Virtual payments are becoming the ‘new standard.’ But, none of these apps provides access to digital payments to the pre-banked segment of minors, leaving them totally dependent on cash or their parents’ cards for the last mile of completing a purchase,” said Sambhav Jain, Co-Founder,Fampay.
“FamPay tackles this issue by for the first time making adolescents part of the environment. We’ve already got strong demand with 30K+ downloads since our launch just two months ago. In addition to the wallet, we also give teens their own unique UPI ID and gives them access to the through UPI Payments network first-hand. Teenage is an age of habit-building, and we want to be the company that launches and shapes the finance and payment process, “he said.
UPI helps users to move money easily and efficiently on a real-time basis, making it the most popular method of digital payments through several bank accounts. FamPay has partnered with NPCI to make this numberless wallet, ‘first in India,’ a fact. To achieve this groundbreaking endeavor, they worked to tackle the dynamic downstream supply chain that needed to be reimagined and reconfigured.
“We ‘re delighted to be a part of the introduction of FamCard for the Gen-next community of India. With the countless card from FamPay, the young entrepreneurs are going beyond traditional banking approaches and introducing real innovation to payments. RuPay and UPI have the ability to work together and deliver an innovative alternative for customers. This ambitious move would ensure an early inculcation of the practice of going cash-light, “said Dilip Asbe, MD and CEO, India’s National Payments Corporation.
Launched in collaboration with IDFC Bank, FamCard is approved via the merchants’ payment network RuPay. RuPay is India’s first-of-its-kind, domestic debit and credit payment network, founded by India’s National Payments Corporation. FamCard also offers feature boats like Flash Pin which promise exceptional protection.
“We plan to create a leading brand called Gen-Z. Any company that caters to the teens of Gen-Z would have to resonate with its vibe. With the endless simplicity of the FamCard, not only does it suit their fashion theme, it also brings reliability to a whole new dimension. FamCard has a special “Flash PIN” function, which is dynamic and created for each transaction. Teens will only flash this PIN to the cashier for offline purchases, without needing to type the PIN on the POS machines themselves, making actual contactless payments in the center of COVID-19, “said Kush Taneja, co-founder of FamPay.
Available in the Google Play Store and Apple Store for both Android and iOS, the numberless card can be purchased after the account is set up on the device and the parent and teen complete their KYC online.
In March 2020, FamPay raised $4.7 million in seed capital from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital, as well as angel investors including, among others, Neeraj Arora, ex-WhatsApp, and CRED founder Kunal Shah.
Established in 2019 while still in college by the Indian Institute of Technology, Roorkee Students, Kush Taneja and Sambhav Jain, FamPay aims to move the smart generation of teens (Gen-Z) from cash to digital through a family-friendly device.
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