FamPay on Thursday announced the launch of India's first numberless card - FamCard. FamPay basically is a mobile bank for teenagers that provides cashless transaction options to teenagers and their parents.
FamPay says that the numberless FamCard is generally similar to a debit card that teenagers can use to perform a cashless transaction. The basic idea behind this card is that it aims to relieve parents from the trouble of giving physical cash or debit or credit cards to their children, according to the company statement.
With the help of FamCard minors can make online as well as offline payments without even having to set up a bank account. Online payment is done through UPI and P2P operations. All transactions done through the FamCard are protected with the various device locks such as fingerprint scanner, FaceID, pattern lock and PIN code, according to FamPay.
FamCard has no numbers printed on it. All the essential details are stored in the FamCard app on the owner's phone. In such a way there is no need to fill up card numbers, expiry dates etc during transactions. The card, if misplaced or stolen, can be easily be deactivated using the FamCard app. Without it being connected to the app in the owner’s phone the card cannot function.
"Months into this pandemic lockdown, people have become more cautious about using cash. Digital payments have become the 'new mode of transaction’. None of these apps, however, gives the pre-banked segment of minors accesses to digital payments, instead of making them dependent on cash or their parents' cards as the last option of completing a transaction," as told by Sambhav Jain, co-founder, FamPay.
"FamPay solves this problem by making teenagers an integral part of this ecosystem for the very first time. Since our launch just two months ago, we've received high demand with 30K+ downloads already done. In addition to the card, we provide teens with their unique UPI ID with which they get first-hand access to the growing UPI Payments network.," he added.
FamCard also has a feature called 'Flash PIN' that is generated every time for every transaction done through the card. Users can usually show the PIN to the cashier in case of making offline payments.
