Fampay has been promoted by tons of influencers. Today You might be wondering what does Fampay Do why they are so trending?
Fampay has more than 5 million downloads and has been growing very fastly.
A few months ago, Fampay was able to secure more than 4.2 million in funding from various groups.
Read This full post to know how and what Fampay does.
What is Fampay?
Fampay is the neo bank for teenagers. It allows teenagers to make payments without having a bank account.
Teenagers can do payments through UPI and card. It is convenient for the parents as well. Parents can monitor the expenses of their children and can set budget limits for them.
Teenagers now do not have to rely on parents for every payment they do. They can now do cashless transactions with their mobile devices.
The teenager needs to do KYC of both themselves and their parents for the function of the app.
Fampay generates a unique UPI ID for the children and their parents.
You can also get a card for yourself to make offline payments. It currently provides Rupay cards which you can use on all Rupay card merchants.
What is FamCard?
Famcard is a numberless card that has quite some unique features.
It doesn't have any numbers on it. so, You don't have to be worried about getting cards stolen.
All the data is stored in the fam Pay app securely. you can check the card details in the app by putting a secure Lock Fingerprint face ID.
You can also block, enable your card through the app at your fingertips.
The teenager's age needs to be between 11 years to 18 years.
Is Fampay Safe?
Yes, it is 100% secure. as they have the required licences from the RBI to operate their business and they, have partnered with IDFC's first bank and Rupay to provide their services.
Is fampay free of cost?
Yes, it is free of cost, you just need to do KYC you can access all the functionality of the application and they have a new reward system in which you can save a lot of money on the big brands.
Is fampay worth it?
If you had a teenager who does a lot of payment daily. you can use Fampay as it will help you to make your payments seamless.
If you are someone who doesn't do transitions so often you might not need Fampay.
If you do a lot of transactions online you can use Fampay. it provides you with your personal UPI id which you can use on most online payment portals. you can buy subscriptions do payments shopping and order food online and many other things.
Conclusion
Fampay is a unique but useful app you can use daily for doing transactions.
It can make your payments easy in don't need to depend on your parents for cash anymore. you can just transfer money from their account Once with their permission and can use the money for the monthly expenses.
Fampay has been promoted by tons of influencers now and it has gained a lot of user base. it will be quite interesting how they can manage their fast-growing user base and How they survive the pandemic if most of the payment online.
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