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FamPay is India's first neo-bank or payment app that offers cashless facilities for teenagers. It has launched its first numberless card, called FamCard. Teenagers can use this card to make online payments like Unified Payments Interface (UPI) and Peer-to-Peer (P2P) transactions. It can also be used offline, The Economic Times reported.
Speaking to the paper, Sambhav Jain, co-founder of FamPay, said digital payments have become the new normal, adding that none of the apps give the pre-banked segment of minors access to digital payments making them dependent on cash or their parents' card. It has been launched in partnership with IDFC Bank and is accepted across the RuPay payment network of merchants.
Here are some of its features:
The card can be ordered after setting up the account on the FamPay app after both the parent and teen complete their KYC online, the report said.
Teens will also get a unique UPI ID, which they can use to conduct UPI transactions.
According to the report, parents can also control the amount their children spend while sending them money on the app.
The app also allows for multiple people to be on it and monitor their spending, through a feature called FamPool.
Teens will also be able to access their own wallet, which they can use to spend without parental access.
The created account is zero balance and does not have any hidden charges or transactions, the report said.
There is also made available a social feature, where teens can interact with their friends and share their spends. They can also react to such updates using the app.
The FamPay card has no numbers on it since all the details are stored on the app. This means that teens don’t need to refer to the physical card during online transactions. This also eliminates the fear of information theft in case it gets stolen or lost.
All transactions are protected by a device lock. This includes pin, fingerprint, FaceID, or pattern lock.
In the case of offline transactions, FamPay has developed Flash PIN. This Flash PIN is generated for every transaction. Teens can flash this PIN to the cashier without the need to enter a PIN on the point of sale machine.