If you're wondering, "Is FamPay approved by RBI?", you're not alone. With so many digital apps offering payment services today, safety and trust are major concerns, especially when it comes to teenagers managing money.
FamPay has become one of India's most popular fintech apps for teens. But is it truly safe? Is it approved by the RBI and other government bodies? Let's dive into all the facts you need to know before using FamPay for yourself or your child.
What is FamPay, and How is It Regulated?
FamPay is a teen-focused financial app that issues prepaid cards and enables UPI transactions for minors without a bank account.
Importantly, FamPay partners with RBI-regulated banks (such as IDFC FIRST Bank) to offer its services.
While FamPay itself is not a bank, it operates under India's Prepaid Payment Instrument (PPI) framework, regulated by the Reserve Bank of India (RBI), and follows NPCI guidelines for UPI services.
So if you are wondering, "Is FamPay approved by RBI?" — the answer is Yes, through its banking partners.
Are you Eligible to use it? / Who Should Use FamPay?
FamPay Age Limit: Who Can Use It?
FamPay is targeted towards teenagers.
FamPay is designed for teenagers who want to experience digital banking and payments without needing a traditional bank account.
| Criteria | Details |
|---|---|
| Minimum Age | 11 years old |
| Maximum Age | 19 years old (after which you can shift to regular bank services) |
It’s perfect for:
- Teenagers who want a secure way to spend time online or offline
- Parents looking for a safe, controlled financial platform for their kids
- Young users aiming to build smart money habits early
FamPay bridges the gap between traditional banking and today's digital lifestyle for minors.
Key Features of FamPay
FamPay is loaded with features that make it a strong choice for safe teen banking. These features are as follows -
1) FamCard
It is India's first numberless card for teens. It is available in both physical and virtual options.
2) UPI Access
With it, you can send and receive money via UPI even without a traditional bank account.
3) Parental Controls
In it, parents can set spending limits and monitor transactions.
4) Instant Block/Unblock
If you lost your card, instantly block it via the app.
5) No Hidden Charges
It has no hidden charges. It has a one-time card fee and no monthly maintenance charges.
6) Secure Platform
PCI DSS compliant and operates under RBI/NPCI regulations.
How to Start Using FamPay
Getting started with FamPay is easy:
-
Download the FamPay app from the Google Play Store or the Apple App Store.
-
Sign up using your mobile number.
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Complete KYC: Upload Aadhaar and PAN (if available). Parental consent is also required.
-
Order your FamCard (physical or virtual) and start transacting securely.
FamPay offers a user-friendly dashboard showing wallet balance, transaction history, and spending insights.
FamPay Login and Customer Support
How to Log In?
- Open the FamPay app
- Enter your registered mobile number
- Authenticate via OTP
Customer Support:
- Via in-app chat support
- Email: [email protected]
(Currently, no direct public helpline number is provided.)
Is FamPay a Trusted App for Teens?
FamPay has earned the trust of over 10 million+ users across India, especially among teenagers. It is designed specifically for those under 18, offering features like
- Card payments without a bank account
- Online and offline transactions
- Secure parental control settings
Is FamPay Approved by UPI and the Government of India?
Yes, FamPay's UPI services are operated in partnership with Tri O Tech Solutions, approved by the NPCI, and monitored under RBI guidelines.
In short, FamPay is indirectly approved by the Government of India through regulatory bodies like the RBI and NPCI.
Why RBI Approval Matters for FamPay Users
- Financial Safety: RBI regulation ensures your money is handled securely.
- Fraud Protection: Your data and transactions are protected under government rules.
- Dispute Resolution: In case of any issues, the RBI guidelines help customers get fair support.
- Credibility: Being tied to an RBI-regulated bank makes FamPay a trusted app for teens and parents.
FamPay Card: Is It Card-Free and Where Is It Accepted?
FamPay offers both physical cards and virtual cards (card-free usage).
FamPay cards are accepted at:
- All online shopping platforms (Amazon, Flipkart, Swiggy, Zomato, etc.)
- Physical stores accepting card payments
- All merchants accepting RuPay cards
- UPI-enabled merchants via QR code
How Much Does a FamPay Card Cost?
| FamPay Card | Price |
|---|---|
| FamCard (Physical) | ₹299 one-time fee |
| FamCard Me (Customizable Card) | ₹599 one-time fee |
FamPay Amount and Deposit Limits
| Transaction Type | Limit |
|---|---|
| Wallet Balance Limit | ₹2 lakh |
| Per Day Spending Limit | ₹1 lakh |
| Deposit Limit Per Month | ₹10 lakh |
| Transaction Limit Per Day | ₹1 lakh |
(Note: Limits are subject to change as per RBI regulations.)
FamPay Charges, Expiry, and Fees
- No monthly charges
- Card validity: 5 years from issuance
- Replacement card fee: ₹299 (if lost)
FamPay Per Year Limit and Transaction Charges
FamPay follows RBI's guidelines on prepaid wallets:
- Maximum transaction limit per financial year: ₹10 lakh
- Zero transaction charges for regular usage
- UPI transaction charges: As per NPCI guidelines (may apply above ₹2,000 via PPI wallet)
Which Bank Is FamPay Linked With?
FamPay partners with IDFC FIRST Bank and other RBI-approved banks to offer its cards and wallet services.
FamPay Launch Date and History
FamPay was launched in March 2020, with the aim of empowering teenagers with safe, digital-first financial tools.
Is FamPay Banned in India?
No, FamPay is not banned in India. It is actively operational and expanding its services across the country under the RBI and NPCI regulations.
FamPay Alternatives in 2025
If you're looking for alternatives to FamPay, you can try:
- Akudo (Teen banking)
- Junio (Prepaid card for kids)
- Walnut (Expense tracking for teens)
FamPay vs PhonePe: Which Is Better for Teens?
| Feature | FamPay | PhonePe |
|---|---|---|
| Target Users | 11-19 years | Adults (18+) |
| Requires a Bank Account? | No | Yes |
| Prepaid Card | Yes | No |
| Teen Safety Features | Yes | No |
| Parental Controls | Yes | No |
For teenagers, FamPay is a better and safer choice.
Is FamPay Safe?
Yes, FamPay is considered a trusted and safe app for teenage banking in India.
Its operations comply with RBI’s security and financial regulations, making it a safe platform for online and offline transactions.
FamPay’s partnerships with major banks and their compliance with NPCI guidelines for UPI make it a credible financial tool.
Is FamPay Approved by the RBI?
Yes, FamPay is approved and regulated through a partner bank under the Reserve Bank of India (RBI).
FamPay itself is not a bank — it operates as a Prepaid Payment Instrument (PPI) provider by partnering with an RBI-regulated bank. This ensures that all transactions, wallets, and cards offered by FamPay follow RBI’s strict financial guidelines.
FamPay is also compliant with the National Payments Corporation of India (NPCI) for UPI services.
Trust Signals:
- Over 10 million downloads
- Awarded among India’s fastest-growing fintech startups
- High user ratings on Google Play and App Store
Conclusion - Should You Choose FamPay?
FamPay stands out as a safe, trusted, and government-regulated platform for teenagers to manage digital money responsibly.
Thanks to its RBI-approved bank partnerships, secure systems, and teen-friendly features, FamPay is an excellent option for early financial education in 2025.
If you want your teenager to start learning money management safely, FamPay is a smart first step.
FAQs
Is FamPay banned in India?
No, FamPay is not banned. It continues to operate under RBI regulations.
What is the minimum age to use FamPay?
The minimum eligible age is 11 years.
How is FamPay approved by the government?
Through RBI-regulated partner banks and NPCI-certified UPI services.
What are FamPay transaction charges?
UPI transactions are generally free. Standard transaction limits apply.
If you’re asking, "Is FamPay approved by RBI?", the answer is a confident Yes, through their partner bank arrangements under RBI supervision.
FamPay is a safe, trusted app designed specially for teens, offering secure payments, a prepaid card, and UPI services without the complexity of traditional banking. With strong regulatory backing, user-friendly features, and millions of happy users, FamPay is a smart choice for modern teenagers stepping into the world of digital finance.
Read Also - What is the PhonePe Transaction Limit Per Day? Check UPI, Wallet, and Bank Transfer Caps Now!
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