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Fampay Card Is Approved By RBI | Is It Real Or Fake Full Information

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Fampay is a financial technology company that allow to make online payment through digital payment app. User also use offline payment using their own UPI Id and Fampay Card. Fampay designed specifically for teenagers or Young adult. It is also provide virtual prepaid card that can be used for online and offline transaction, allowing teenagers to make payments independently under parental supervision. 

 

Fampay
Fampay

 

Apart from that, If you are looking for a secure and convenient way to make payment then Fampay is a great option for teenagers and young adults. It offers a number of features that are specifically tailored to this demographic, and it is backed by India’s leading financial institutions.

Fampay Is Real Or Fake ?

Fampay is a safe and secure app that is backed by India’s leading financial institutions. This is running in India since 2019.Apart from this Fampay has been featured in publications such as The Economic Times, The Hindu, and Forbes India. On Google Play Store Fampay have more then 1 crore downloader with 4.3 rating ( 2023 ). Fampay is a genuine fintech company that provide a prepaid card and app for the teenagers in India. It is regulated by the Reserve Bank of India and uses the latest security measures to protect its users’ financial information. It was founded by Kush Taneja and Sambhav Jain in 2019. Fampay company is basically designed to help teenagers learn about money management and make safe and secure payments because in India many fraud are happen due to lack of knowledge.

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Benefits Of Using Fampay

Fampay provide many benefit’s to the users who use their service. Below I am mention benefits of using Fampay : 

  • Numberless card : The Fampay card is a numberless card, which helps to protect teenagers’ financial information.
  • Parental controls : Parents can set spending limits and track their teenagers’ spending through the Fampay app.
  • Learning tools : The Fampay app offers a variety of features to help teenagers learn about money, such as a savings tracker and a budgeting tool.
  • Wide acceptance : The Fampay card is accepted at a wide range of merchants, both online and offline.
  • Free To Use : Fampay is free to use. But, there are some fees associated with using the Fampay card, such as a transaction fee of 1% for online payments and a 2% fee for offline payments.

 

Is Fampay Approved By RBI

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Yes, Fampay is approved by the Reserve Bank of India (RBI). In order to offer prepaid payment instruments (PPIs) to teenagers, companies need to obtain a PPI license from the RBI. Fampay has obtained PPI license from RBI and hence it is a legal and regulated entity.

According to the news, In June 2023, the RBI issued a directive that prohibited non bank PPI issuers from providing UPI services through co-branded arrangements. This means that Fampay is no longer able to offer UPI services through its app. However, Fampay may still provide other payment services, such as debit card payments and net banking payments.

Is FamPay completely safe?

Yes, Fampay is generally considered to be a safe and secure platform for teenagers to manage their money. It is also approved by the RBI ( Reserve Bank Of India ). For the safety and security of the user’s, Fampay provide many features including Two-Factor authentication, Encryption, Fraud detection or more. Apart from it some basic precautions to protect your financial information, such as :

  • Never share your password with friends, relative, Unknown person etc.
  • Be careful about what links you click on in emails or SMS messages.
  • Keep your software up to date and don’t use scam or third party app in you mobile or devices.

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How To Delete Fampay Account ?

If you want to know how to delete Fampay account you may follow below step :
  1. Open the Fampay mobile app or visit the Fampay website.
  2. Look for an option like “Settings” or “Account Settings” within the app or website.
  3. Navigate to the “Account” or “Profile” section.
  4. Look for an option like “Delete Account” or “Close Account.”
  5. Follow the on-screen instructions, if any, to confirm your decision to delete your account.
  6. Some platforms may require additional steps, such as providing a reason for deletion or re-entering your password for verification.

NOTE : Before delete your Fampay account, Withdrawal all the money from your Fampay wallet.  

Conclusion 

Fampay is nice platform for the teenager. It is also approved by RBI. If you want to use Fampay App you may use it. It provide facility of safe and secure online payment. 

 

FAQ

Is Fampay safe ?

Yes, Fampay is generally considered to be a safe and secure platform for teenagers to manage their money. It is also approved by the RBI ( Reserve Bank Of India )

Is Fampay approved by RBI ?

Yes, Fampay is approved by the Reserve Bank of India (RBI). In order to offer prepaid payment instruments (PPIs) to teenagers, companies need to obtain a PPI license from the RBI. Fampay has obtained PPI license from RBI and hence it is a legal and regulated entity.

Fampay customer care number ?

Fampay don’t have customer care number. It provide email id If you have any issue about it.

What is Fampay ?

Fampay is a financial technology company that allow to make online payment through digital payment app. User also use offline payment using their own UPI Id and Famcard. Fampay designed specifically for teenagers or Young adult.

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