FamPay, which is India’s first payment app for teenagers and their families, worked with the National Payments Corporation of India (NPCI) to launch FamCard in India. The numberless debit card has been launched in partnership with IDFC Bank and the company says that it is accepted across the RuPay payment network of merchants.
As FamCard has no numbers, all the card details are saved on the FamPay app and the company says that there is no need to refer to the physical card to fill in details during online transactions.
FamCard can be ordered once the account is set up on the FamPay app after both the parent and the teenager have completed their Know Your Customer (KYC) online. FamPay app is available for both Android and iOS on the Google Play Store and on the App Store respectively.
As far as the security aspect of FamCard is concerned, the company says that the UPI allows users to transfer money safely and securely on a real-time basis, across multiple bank accounts. Additionally, there’s no fear of card information getting disclosed. And in case it gets stolen or lost, FamCard can be paused, blocked and managed using the Fam Pay app.
“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”, said Kush Taneja, Co-founder, FamPay said on the occasion. Via HTTech