Know everything about numberless payment card ‘Fampay’
The fame card is like a debit card. It can be used for teens online (UPI and P2P) and offline payment . FamPay has launched the first numberless card. Its name is Famcard. This new-age bank provides banking facilities to teenagers. The fame card is like a debit card. It can be used for teens and minors online (UPI and P2P) and offline payment. There is no need to open a bank account for this.
Sambhav Jain, the co-founder of Phampe, says, “Digital payment has become a part of life. However, no app gives this access to digital payment to minors. In this way, they depend on cash or parents’ cards.
What are the benefits of the card?
This card ends the child’s dependence on parents. This does not affect their financial security either. Parents can send money to the child’s app and can control their expenses.
What else is the facility?
Parents can create a farm pool account. It is a group account of the family. It can be tracked where the money is spent. Teenagers get their own wallets. Through this, they can spend without asking parents.
What is the charge?
This account is of zero balance. There is no hidden charge or transaction cost. The app also has a feature of the social feed. Here friends can share their expenses and give feedback on updates.
When do you get a card?
The card can be ordered after creating an account on the Fampay app. For this, adolescent children have to complete KYC with parents. This facility of KYC is available online.
Who has an idea?
This app was created by IIT Roorkee graduates Kush Taneja and Sambhav Jain in 2019. This app is available on Android as well as Apple phones also. It can be downloaded from Google Play Store and Apple Store. The card has been launched in co-operation with IDFC First Bank Ltd. This payment is accepted on the payment network.
Why is there no fear?
Due to not having a number on the Fame Card, all its details are saved on the Fampe app. There is no need to look at the physical card to fill the details during the online transaction.
No one is afraid to know the information on the card if it is lost or stolen. When this happens, it can be easily blocked or paused by the app.
Each transaction is protected with a device lock such as fingerprint, face ID, pattern lock, or PIN.
How does an offline transaction happen?
Taneja said that for offline transactions, the famecard has a flash pin. It is generated for every transaction. Teenagers can flash this PIN to the cashier without entering the PIN. Teenagers also get unique UPI ID. With this, they are able to access the UPI Payments Network.