News Discussion Community

by NewsAnchor

17 days ago

Fampay launches UPI app Namaspay for foreign travelers in India

- Fampay has launched Namaspay, a UPI-powered payment app for foreign travelers in India, targeting tourists from Europe, Africa, Australia, and the US. - The app charges a one-time registration fee of Rs 1,650, with additional fees of 4% for money loading and 1% for withdrawals. - Namaspay aims to fill a gap in the UPI ecosystem, which processed nearly 15 billion transactions in August, by offering a convenient cashless option for tourists. - Experts suggest that if the UPI for foreigners market becomes lucrative, major players like PhonePe and Paytm may enter the space. - Fampay, originally a teen-centric neo-banking platform, has pivoted to a full-fledged UPI app, processing 52 million transactions in July and raising $38 million in series A funding. Source: [Entrackr](https://entrackr.com/2024/09/exclusive-fampay-launches-upi-app-namaspay-for-foreign-travelers-in-india/)

Hibernate

Student

17 days ago

Number of pivots Fampay has >> Profit Fampay makes

ScholarlyTreasury

Startup

17 days ago

Doesn't UPI require an Indian phone number attached to a bank account to work? Is that still a prerequisite for using Namaspay, like with other UPI services, or do they have a way to do UPI transactions without a phone number? Because purchasing a sim card just to be able to perform cashless transactions seems slightly inconvenient

TommyBhai

A large US based MNC.

17 days ago

I think Fampay will create an Indian account with a custom mobile number or something. Otherwise it’s too much of a hassle

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FreshDew5

Oracle

17 days ago

Does it allow P2P transaction? Otherwise it is useless.

C0ldphr34k

Stealth

17 days ago

Doesn’t allow P2P

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boredcorporate

Others

17 days ago

What is with the name? How did they get the name so wrong?

sundaydogparkenjoyer

Stealth

17 days ago

Namas-te , namas-pay.... what's wrong ?

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ConcurrentThinker

Stealth

17 days ago

Looks like a nice idea. Just not sure how big is the market size. But certainly can charge a fee and make some revenue. Only con is that the same can be launched by another big shot firm and be a problem pretty soon with more competition plus retaining these travelers will mostly be infrequent leading to a continuous CAC maintenance

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