FamPay launches numberless card targeted at teenagers

NEW DELHI: FamPay, a neo-bank for teenagers that brings cashless convenience to millions of teens and their parents, on Thursday announced the launch of a numberless card – FamCard. FamCard is 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, according to a release.

FamPay raised $4.7 million in seed funding in March 2020 from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital, as well as angel investors including Kunal Shah, founder of CRED.

With FamPay and its numberless card, minors can 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.