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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

2mo ago5.8K views

Hell

Student2mo

Number of pivots Fampay has >> Profit Fampay makes

ScholarlyTreasury

Startup2mo

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.2mo

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

boredcorporate

Others2mo

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

sundaydogparkenjoyer

Stealth2mo

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

ConcurrentThinker

Stealth2mo

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