FamPay on Thursday announced the launch of India's first numberless card - FamCard. FamPay is a mobile bank for teenagers that provides cashless translation options to teenagers and their parents.
FamPay says that the numberless FamCard is similar to a debit card that teenagers can use to perform a cashless transaction. 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 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. All transactions done through the FamCard are protected with the device locks such as fingerprint scanner, FaceID, pattern lock and PIN code, according to FamPay.
FamCard has no numbers printed on it. All essential details are stored in the FamCard app on the owner's phone. This way there is no need to fill card numbers, expire dates etc during transactions. The card, if misplaced or stolen, can be easily deactivated using the FamCard app. Without it being connected to the app the card does not function.
"Months into the pandemic, people have become more cautious about using cash. Digital payments have 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," said Sambhav Jain, co-founder, FamPay.
"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.," he added.
FamCard has a feature called 'Flash PIN' that is generated for every transaction done through the card. Users can just show the PIN to the cashier for offline payments.