FamPay Launches Numberless Payments Cards For Teens
Y Combinator-backed fintech startup FamPay, launched FamCard, a numberless card to allow teenagers to independently transact online with minimal intervention from parents.
The card requires top-ups from an adult but lets children spend it the way they want, under supervision. This relieves parents from giving children physical cash or their debit/credit card, and gives a sense of financial freedom to teens.
FamPay cofounder Sambhav Jain said, “Months into the pandemic, people have become more cautious with using cash. Digital payments has become the ‘new normal’. None of these apps however, give the pre-banked segment of minors access to digital payments, making them totally dependent on cash or their parents’ cards for the last mile of completing a transaction.”