Fintech startup FamPay, on Thursday, launched FamCard, a numberless card that allows anyone to independently spend money online without the need to set up a bank account. This way parents won’t have to give their children physical has or debit/ credit cards.
Numberless FamCard is similar to a debit card that teenagers can use to perform a cashless transaction. The card requires recharges by an adult but lets children spend it the way they want. There is transparency since transactions are digital in nature and records for the same can be accessed any time.
Most importantly, security isn’t an issue with FamCard, because every transaction is protected fingerprint, Face ID, pattern lock, or PIN. To order a FamCard, the child must sign up on the app first and complete hir/her and the parents KYC.
FamCard partnered with NPCI AND IDFC Bank to create a Gen Z brand which will be accepted across all the merchants who accept RuPay. The company, in March, has received a funding of $4.7 million by Y Combinator, Venture Highway, Sequoia India and Global Founders Capital (GFC)
“We aim to build a 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.
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.