On Thursday, FamPay launches a numberless payment card, ‘FamCard’ in India. It is said as India’s first payment app for teenagers who age between 11-17 years. The idea here is to shift smart generation from cash to digital ecosystem.
The company has worked with National Corporation of India (NCPI) to launch FamCard. In partnership with IDFC Bank, the company successfully launched RuPay numberless debit card.
As the card has no numbers on it, so the details of cards are saved on the FamPay app. There is also no need to refer to the physical debit card to fill in details on any online payment transaction sites.
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 Kush Taneja, Co-founder, FamPay
The FamCard use UPI & P2P to transfer money safely and securely on a real-time basis across multiple bank accounts. There is no need to set up bank account There is also no fear of card been lost or stolen as it can be blocked from the app itself.
Teenagers and parents both need to complete their Know Your Customer (KYC) online through the app. The app is available for both Android and iOS users on their respective app stores.
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