TheNFAPost Podcast
8
  • FamCard is just like a debit card for teenagers 
  • FamPay pioneers the numberless card supply chain with NPCI’s association 
  • With Numberless Card and features like Flash Pin, FamPay offers exceptional security
  • FamPay is backed by Sequoia India, Y Combinator, Venture Highway, Global Founders Capital, & angel investors

Bengaluru, NFAPost: FamPay, India’s first Neobank for teenagers that brings cashless convenience to millions of teens and their parents, announced the launch of India’s first numberless card – FamCard.

FamCard is just like a debit card that teenagers can now use to make payments independently, relieving parents of the trouble of giving them physical cash or their debit/credit card. 

With FamPay and its numberless card, minors can finally make online (UPI & P2P) and offline payments without the need to set up a bank account. Every transaction is protected with device locks like fingerprint, Face ID, pattern lock or PIN. 

Credit card details

As FamCard has no numbers, all the card details are saved on the FamPay app and there is no need to refer to the physical card to fill in details during online transactions.

There’s no fear of card information getting disclosed in case it gets stolen or lost and the card can be paused, blocked and managed at fingertips on the app. 

FamPay Co-Founder Sambhav Jain

Commenting in the usefulness of the app, FamPay Co-Founder Sambhav Jain said months into the pandemic, people have become more cautious with using cash.

“Digital payments has 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 FamPay Co-Founder Sambhav Jain.

FamPay Co-Founder Sambhav Jain said 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 over 30,000 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. Teenage is a habit-building age, and we want to be the product that begins and defines their journey in finance and payments.” he added.

Transfer of money

UPI allows users to transfer money safely and securely on a real-time basis, across multiple bank accounts making it the most prominent form of digital payments.

FamPay worked with NPCI to make this ‘first in India’ numberless card a reality. They pioneered to solve the complex backend supply chain which had to be reimagined and reconfigured.

This card has been launched in partnership with IDFC Bank and is accepted across the RuPay payment network of merchants. RuPay, the first-of-its-kind India’s domestic Debit and Credit payment network, was launched by National Payments Corporation of India (NPCI) 

Gen-next population

National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe said NPCI is happy to be a part of the FamCard launch for India’s Gen-next population.

“With FamPay’s numberless card, the young entrepreneurs are thinking beyond traditional ways of banking and bringing true innovation in payments. The power of RuPay and UPI coming together to offer an innovative consumer solution,” said National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe.

National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe said the thoughtful initiative will ensure that the habit of going cash-light is being inculcated at an early age.

Flash PIN

FamPay Co-founder Kush Taneja

Commenting on the numberless card initiative, FamPay Co-founder Kush Taneja said the company aims to build a leading Gen-Z brand.

“Any product that caters to the Gen-Z teens will have to resonate with their vibe. With the FamCard’s numberless design, it not only matches their aesthetic style, but also takes security to a whole new level. FamCard has a special feature of ‘Flash PIN’, which is dynamic and is generated for every transaction,” said FamPay Co-founder Kush Taneja.

FamPay Co-founder Kush Taneja said 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.

The numberless card can be ordered once the account is set up on the app, after both the parent and teen complete their KYC online. FamPay app is available for both Android and iOS on the Google Play Store and Apple Store respectively.

Investors

In March 2020, FamPay raised $4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital, as well as angel investors including Neeraj Arora, ex-WhatsApp and Kunal Shah, Founder of CRED, amongst others.

FamPay is India’s first payment app for teenagers and their families. It was founded in 2019 by Indian Institute of Technology (IIT) Roorkee Graduates, Kush Taneja and Sambhav Jain while still in college, which makes them the youngest fintech entrepreneurs in India today.

In March 2020, FamPay raised seed funding of $4.7Mn from Y Combinator, Venture Highway, Sequoia India and Global Founders Capital (GFC). Neeraj Arora, ex-WhatsApp, Twitch cofounder Kevin Lin, Robinhood cofounder Vladimir Tenev, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau also participated in the round.

With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. FamPay aims to drive the smart generation of teens (Gen-Z) from cash to digital through a family-friendly app.  

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