Fintech leader Fampay, known for its popular neo-banking platform for teens, has expanded its services by launching Namaspay, a UPI-powered payment app designed specifically for foreign visitors travelling to India. With a one-time registration fee of ₹1,650, Namaspay caters to travellers from regions like Europe, Africa, Australia, and the United States, offering a seamless solution for payments while exploring the country.
Features of Namaspay
Namaspay allows users to load money onto the app for transactions across India. While a 4% fee applies for money loading and a 1% fee for withdrawals, the app’s main appeal lies in its ability to make cashless payments hassle-free for travellers. With UPI processing over 15 billion transactions in August alone, Namaspay aims to capitalize on the rising popularity of digital payments in urban India, where UPI is fast becoming the preferred method for transactions.
Filling a Gap in the Market
The introduction of Namaspay addresses a critical gap in the Indian fintech space by providing tourists with a reliable, easy-to-use payment solution. This move could also pave the way for profitability, as UPI remains a largely untapped source of revenue for operators like Fampay. However, competition may soon intensify with rival apps such as Cheq and potential expansions by giants like PhonePe and Paytm.
Fampay’s Expansion into UPI
Fampay’s decision to branch out beyond teen banking has already shown significant promise. In July 2024, the company recorded 52 million UPI transactions, breaking into the top 10 UPI apps in India in less than a year. Namaspay, held by Fampay’s parent company through its subsidiary TrioTech, marks a strategic step in exploring new use cases within the UPI ecosystem.
Have Your Say
Do you think Namaspay will make your travel experience in India smoother? Would you use this app for your next visit? Let us know your thoughts in the comments below!
