'FamPay is India’s first payment app for teenagers and their families. With FamPay, minors can do UPI, P2P and card payments without the need to set up a bank account. FamPay allows parents to send money to their kids below the age of 18, which they can spend securely any time, anywhere, under parent’s supervision. FamPay aims at making payments smooth and fun for children.'
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FamPay is India’s first neobank for teenagers and their families. 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.
FREQUENTLY ASKED QUESTION {FAQs}
1]Is FamPay free?
Ans:-To avail of the FamCard, the user needs to set up an account on the FamPay app, followed by KYC of both parents and kids. The account on the FamPay app is zero balance with no hidden or transaction charges.
2]What is a FamCard?
Ans:-FamCard is a prepaid debit card specially designed for FamPay users. As soon as you create an account with us, you'll be able to access your card in the app for all your online purchases. To swipe the card at offline merchants, you need to place an order for the physical card.
3]Where can I use FamCard?
Ans:-All Famcards are registered on the RuPay network. All the payment gateways that accept RuPay cards can be accessed by FamCard.
4]What is neo banking platform?
A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.
5]Is Paytm a neo bank?
There are many apps such as PhonePe, Google Pay and Paytm that offer solutions for payments and investments. “Some solutions that neo-banks address could be similar to the current offerings of other fintechs In the case of other apps offering solutions, the customer needs to be proactive to do this.
6]How do Neobanks make money?
As neobanks use existing frameworks and physical entities established by traditional banks, like ATMs, they can reallocate their funds to build AI driven customer service frameworks, and deliver no fee bank accounts, low fee home loans and savings accounts with high interest rates.