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Neobanks actively became popular post demonetization in 2016. FamPay is an Indian-based neobank payment app curated exclusively for teenagers looking for a sort of financial freedom. FamPay is an efficient source to make payments.
FamPay focuses on online and offline modes of payment for its teenage users in India. One of FamPay’s USPs is the ability for its young users to choose personalised doodles on their VISA prepaid card, FamCard Me, which makes it an appealing feature for youngsters.
Here is our review of the FamPay Card, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether you should get one for yourself or not.
- An easy and convenient way to transfer money to friends and family.
- Numberless FamCard – a suitable prepaid card for teenagers.
- Users can share and react to their friends’ and families’ purchases on socials, yet another feature made while keeping Gen Z in mind.
- Users can earn 2X reward points on every purchase.
- The reward points gained can be utilised when offers, discounts, and gift cards are available; users can also participate in exciting giveaways, Masterclasses, and other activities!
- FamPay subscribers get exclusive discounts and offers on the most popular brands.
- FamPay is the safest app for teens to learn to make payments, and it adheres to strict criteria, so you and your child must both complete KYC verification before you can use the service entirely.
- Highly restrictive usage, which can be a USP for some.
Rewards and Cashback
- Every time you spend, you’ll earn 4X FamCoins.
- Participation in special freebies and competitions.
Fees and Charges
FamCard Regular: Rs 99
FamCard Me: Rs 299
FamCard is available in two different kinds. The cost of the card will be determined by the type of card you select. First is FamCard- which is available at a minimal cost of Rs.99 to the customers. The features are 2X Famcoin Rewards, tap and play quality, and a Customised name. The Second Card is FamCard Me, available at Rs.299, and features that include As a reward, you’ll get 4x FamCoins, a Customisable name, Design doodles and tap and pay, and Subscriptions to well-known brands.
The Processing time that FamPay takes is about 15 Minutes; customers can create two types of accounts. Minimum KYC and Full KYC.
- Minimum KYC
Eligibility: Below 18 years
Account limit: Rs. 10000
Transaction limit: Rs. 1000
- Full KYC
Eligibility: Above 18 years
Account limit: Rs. 1,00,000
Transaction limit: Rs. 10,000
The account you create can sustain a zero balance but has its restrictions, one of which is only Rs. 10,000 will be allowed in your account. You will be permitted to keep more than Rs. 1,00,000 after you reach the age of 18.
Who should get the FamPay Credit Card?
If you are a parent of a teenager(s) and looking for options through which they can easily manage their accounts, and learn to make payments independently without worrying about carrying cash, the FamPay card can be a reliable option for you.
The numberless card can make easy online payments (UPI & P2P) and offline payments. As far as security and safety are concerned, every transaction can be protected with safety locks such as fingerprints, Pattern lock, or PIN.
- Aadhaar number (of parent or guardian)
- PAN card number (of parent or guardian)
FamPay is a one-of-a-kind service developed to assist adolescents and teenagers in managing their funds more effectively. The RBI has approved the service, and you can be confident of the high level of service quality that FamPay provides, especially if you are a kid/ teenager or at a beginner level and new to payments and Neo Banking systems.
Ratings and Reviews
Cashback and Rewards – 3.5/5 Consumers receive 2X FamCoins on a conventional famCard and 4X FamCoins if they use FamCard Me. FamPay leverages FamCoins as an exclusive mechanism to reward their customers. The points can be redeemed on offers, cashbacks, or gift cards. FamPay will soon validate FamCoins in stores as well.
Security– 3.5/5 FamCard is a numberless card, all of the information is freely accessible during online purchases, and there is no need for a physical load. According to the company, there is no risk of card information being exposed if the card is stolen or misplaced because the card can be halted, disabled, and managed using the app.
Fees and charges –4/5 There is no fee to open the account, and you can maintain a zero balance. Users can earn rewards and cashback with every successful transaction using the card.
Overall- 4.5/5 FamPay has a user base of 2 million. Teens can use the FamCard and the FamPay App to make online and offline payments without opening a bank account.
Does the RBI approve FamPay?
FamPay has an RBI-issued business licence and has partnered with IDFC First Bank and RuPay.
Is FamPay a corporation based in India?
The company was founded in 2019 and is headquartered in Bengaluru, Karnataka.
Is it possible to use FamPay after the age of 18?
Yes, it is possible to use FamPay after the age of 18. However, you will be required to complete your KYC if you are an adult(18+). KYC can be completed by verifying your government-issued identification in accordance with regulatory rules.
Is FamPay a free service?
The FamPay app has a zero-balance account with no hidden or transaction fees.