FamPay is a Neo Bank, specially designed for minors and teenagers to make payments online. After creating an account, you will receive a UPI ID and a Virtual Debit Card for Online Payments. In this article, you will get What is FamPay & Everything You Should Know.
What is FamPay?
In 2016, after demonization, online banking was becoming widespread in India. People were trying to make online payments through UPI and Net Banking. In 2017, because of JIO, India embraced the Internet Revolution.
After that online payments, were more popular than ever, and they have created their ecosystem, which was bigger and efficient than MasterCard and Visa’s debit card.
But still, there was a huge gap in the Indian market, online payment can only be done, when you’re 18+, as online payments require a bank account.
That’s what companies like FamPay plays a role.
FamPay helps minors and teenagers to make online payments, with their Aadhar card, and their guardian’s PAN Card.
The FamPay account can be created in less than 15 minutes, without any paperwork.
FamPay is not a Bank, It’s a NEO Bank
FamPay is not a bank, it’s a NEO Bank, then what is NEO Bank.
NEO Banks are banks, that don’t have any physical branch, they are completely online. That means they don’t have any branch, where you can deposit or withdraw cash. You can only deposit or withdraw cash online.
There are many NEO Banks in India, which operate online.
List of NEO Banks in India for Minors and Teenagers –
- Airtel Payments Bank
- Jio Payments Bank
- Paytm Payments Bank
But are Neo Banks, safe and secure…
Is FamPay Real or Fake?
Your Parents or even you have been with this doubt, about Neo Banking, and asking is FamPay Real or Fake.
The answer is FamPay is real and safe, as it is approved by RBI, this means that they are accountable to the legal system of India.
Legally you’re safe with FamPay but if you still have some doubts, you can just make your account, and deposit a small amount of money. As it is a zero-balance account, you don’t have to pay any charges or maintain a balance.
Related – Google Pay vs PhonePe vs Amazon Pay
How to Open an Account in FamPay?
You just need 15 minutes or less to make a FamPay account.
FamPay account is a zero balance account but comes with some limits.
You cannot keep more than 10,000 rupees in your account if you’re a minor. If you’re 18+ and have done full KYC then you cannot keep more than 1,00,000 rupees in your account.
There are two types of accounts in FamPay – 1. Minimum KYC, 2. Full KYC
1. Minimum KYC Account
If you’re a minor, you can go with this account. This account only requires your Aadhar Card, which is linked with your mobile number.
But you have to select a Pan Card of a Nominee or Guardian, it could be your parents or elders of your family.
Account Limit – Rs. 10,000
Transaction Limit – Rs. 1,000
Transaction limit means, how much money you can send in one transaction. However, this limit only applies, when you send money to another UPI id (eg FamPay – PhonePe), if you send money to any FamPay user there are no limits.
2. Full KYC Account
If you’re 18+ you can open a full KYC account, to open a Full KYC account you need, an Aadhar card, and PAN Card, which are linked to your phone number.
The only benefit of a Full KYC Account is you don’t have any transaction limit.
Account Limit – Rs. 1,00,000
Transaction Limit – No transaction limit
So, this was the answer to what is FamPay.
I am also using this app since January 2021, I like their services, they offer cashback, coupons and rewards.
FamCoins is another great feature, where you get 2x farm coins, on a single spend, and you can use these FamCoins to purchase shopping coupons.
You can use my Referral Code to Get Some FamCoins – PRATSYTMN
However, the bad side about the app is their UPI Services, often gets down and new users aren’t getting UPI id, due to some problems. Yet, they have promised that they will resume their UPI services for new users, as soon as possible.
FamPay is a Neo bank, which doesn’t have any physical branch, that operates completely online. Which is specially designed for minors and teenagers. It is approved by RBI, hence it’s legal and safe.
Thanks For Reading!