FamPay is an Indian-based payments app designed just for teenagers and their families. This is done through FamPay special prepaid cards called FamCards. With the parents’ consent, minors can use FamPay to make instant money transfers, cash withdrawals, P2P payments, and card payments without having to have a bank account. Besides, FamPay allows parents to send money to their minors under the age of 18 who can spend it safely anytime, anywhere, under the supervision of their parents.
INTERESTING? Also Read: Simplii Financial – Canadians’ True Best Way to Transfer Money Across the World for Free
Founded by IIT Roorkee alumni – Sambhav Jain and Kush Taneja, the vision of FamPay is raising a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long term interest. They teach financial literacy to teenagers, who in India are not yet eligible to open bank accounts. Another innovation they use to teach financial literacy is also by using games and infographics to make money lessons fun for kids.
Recently, the company announced that it just raised $38 million in a series of funding rounds led by Elevation Capital. In just over 2 years, FamPay has amassed well over 2 million registered users, most of whom are Indians.
How Does FamPay Work?
FamPay is simply a neo-bank for minors. The parent signs up on the FamPay App using their Aadhaar and phone number, invites his or her teenager, and shares access with the teenager. So, the FamPay app creates a secure FamPay IDFC First Bank account for the minor and is managed by the parent. Then, a customizable FamCard is created for the minor. The FamPay secure account, however, is not linked to the parent’s normal bank account. The parent has access to control how much is made available for the minor to spend.
Advantages of FamPay to the Parent and Minor
- No more sharing OTPs with your minor
- No more lending your cards/payment apps to your minor
- No more hunting for cash for your minor
- No more having your minor in school stranded
- Parents can fund the app with upkeep budget
INTERESTING? Also Read: What is A Shitcoin? How to Spot A Viable or Promising Shitcoin from a Fake One
Features of FamPay
- No bank account is required
- There is no limit to how much you can keep in the FamPay Wallet
- Parents can manage their minor’s transaction, limits
- No minimum balance required
- No hidden fees
- Secure with 2FA
- Block or pause FamPay Card anytime
- The target savings plan encourages the teenager to save more
- The minor is further educated financially
- FamPay App pays the minor FamCoins for doing transactions
- Valuable giveaways and contests
What is a FamCard and how do I order a FamCard?
FamCard (some call it Fam Card) is India’s first numberless prepaid card. As soon as the FamPay account is successfully created and all KYC requirements supplied, a FamCard can be ordered right from the app. The FamCard issuance is a joint venture between FamPay and IDFC First Bank. Here is the step-by-step procedure to order a FamCard:
- Login to FamPay
- Go to Cards Screen
- Click on Order Card
- Fill in the details
How long does it take to process my FamCard?
10-14 working days.
Can I customize my FamPay Card?
Yes. The teenager or parent can choose to be creative with the display and name on the FamCard.
How can I track delivery of my FamCard?
You can track the production and delivery of your FamCard from the FamPay App until it reaches your doorstep.
- Go to Cards Screen
- Click Track Order
What are the limits for my FamPay Account?
For low KYC profile:
- Transact up to INR 10,000 per month
- Transact up to INR 1,00,000 per year
- Cannot do P2P transfers
For high KYC profile:
- Transact up to INR 1,00,000 per month
- Transact up to INR 2,00,000 per month
- Can perform P2P transfers
How do I know if my minor spends over the limit?
The parent gets a notification (without the details of spending) when the spending is over a set limit. However, this does not occur once the minor becomes an adult.
Where can I use my FamCard?
How do I contact FamPay Customer Care?
INTERESTING? Also Read: The Simple Ways to Calculate Interest on Fixed Deposit or Savings Account
Tags: is famcard free, fampay, famcard, how to order famcard