Known for its innovative ways, Fampay has introduced Namaspay, a UPI-powered payment application designed for foreign travelers in India. This is a strategic move to encash the upcoming trend of digital payments among tourists coming from continents like Europe, Africa, Australia, and the US.
PC: The Economic Times
Namaspay says it is differentiated by one-time registration charges of Rs 1,650 apart from nominal charges of 4% each on loading the money and 1% for withdrawals. In a country where UPI has gained widespread acceptance and has reduced cash usage almost to the bottom, Namaspay has come pretty well and in time.
With 15 billion UPI transactions in August alone, there has definitely been a sea of change in the payment landscape within the country. However, while UPI did change the face of domestic transactions, the immense opportunity is providing service to foreign tourists who often use plastic money or hard cash for payment.
So far, with this foray, Namaspay becomes the leader in this niche market, facing very little competition from Cheq. India received foreign tourists numbering 92 million in the year 2023, and so the scope for a UPI app designed for them is quite high. Still, say experts in the industry, soon other players like Phonepe and Paytm might enter this field to make it quite competitive in the near future.
Fampay’s strategic pivot-from a teen-centric neo-banking platform to a full-fledged UPI app-speaks volumes about the company’s commitment toward exploring diverse use cases within the UPI ecosystem. Having invested heavily in developing a fintech offering for individuals below 18 years of age, entry into the foreign traveller payments segment for Fampay heralds a bigger expansion drive.
Despite modest revenues below Rs 15 crore, Fampay said it was growing fast, having processed 52 million UPI transactions in July. Evidence of the ambitious trajectory came where the company will feature as one of the key players in the digital payment landscape, and the launch of Namaspay owned by Pehe through its subsidiary TrioTech.
As Fampay innovates and diversifies its offerings, the launch of Namaspay marks a strong attempt to corner a lucrative market segment for itself in the highly competitive world of payments. Backed by the potential of exponential growth and nurtured under industry stalwarts, Namaspay surely is going to rewrite the rules of the game as far as foreign travelers making payments in India are concerned.
