FamPay inks deal with Visa to launch numberless cards for teens
The teen-focussed payments enabler said the cards will be customisable and offer 4X rewards on every spend.
Teen-focussed payments platform FamPay on Thursday said it had signed a deal with card issuer Visa Inc to launch numberless, prepaid cards for teenagers to enable them to make NFC-powered payments.
Those availing the cards from FamPay will be able to customise the cards to their liking using doodles, different fonts, and unique names, the startup said in a press release.
had earlier been issuing cards on the RuPay network. The Visa cards will come with 4X rewards on every spend, complimentary subscriptions to teen brands, and Visa-specific offers.
"After launching India's first numberless card, we decided to up our game in terms of innovation and personalisation. Our new series of FamCards powered by Visa would be the most rewarding, sleek, and secure cards in the market for teens,” said Kush Taneja, Co-founder of FamPay.
The idea behind giving teens the option to customise their cards is so they could tell their unique stories through their cards and doodles, Sambhav Jain, Co-founder of FamPay, added.
The tie-up marks Visa's debut in the numberless cards space. The lack of a card number is primarily for security purposes, FamPay had told YourStory in a conversation earlier.
The Bengaluru-headquartered startup, founded by IIT Roorkee graduates, first launched virtual Visa cards in May this year, following which more than two lakh users adopted it. The Visa numberless card will come in two variants -- the FamCard, which will not have any personalisation options, and the FamCard Me, which will have those options.
Product design has been at the core of FamPay's strategy since it caters to a segment that is image-conscious and wants to be unique.
FamPay has seen incredible traction over the last year during the pandemic - it ended the first quarter of 2021 at 1.35 million users, and jumped to 3.8 million transactions in the April-June quarter from 48,070 transactions in the third quarter of 2020 — a mind-boggling 7,897 percent surge.
Edited by Megha Reddy