Fampay launches Namaspay app for foreign travellers visiting India

Bengaluru-based fintech startup Fampay recently launched Namaspay, a Unified Payment Interface (UPI)-powered payment application designed specifically for foreign travellers visiting India.

The new app targets tourists from continents such as Europe, Africa, Australia, and the United States, aiming to capitalize on the growing trend of digital payments.

It offers a seamless payment experience in a country where UPI has significantly reduced cash transactions, particularly in urban areas.

Charging a one-time registration fee

Namaspay charges a one-time registration fee of Rs 1,650. Additionally, it charges a 4% fee to load money into the app and a 1% fee to withdraw money. 

These charges, while nominal, represent a calculated move to balance profitability while offering convenience to foreign tourists.

In August alone, UPI processed 15 billion transactions in India, showcasing the widespread adoption of this payment method. Namaspay leverages this infrastructure, making it an appealing option for tourists relying on plastic money or cash.

Market potential

India witnessed 92 million foreign tourists in 2023, creating a substantial market opportunity for Namaspay. The app currently faces limited competition, with Cheq being its primary rival.

However, experts suggest that if this market proves lucrative, larger players like PhonePe and Paytm may soon enter the space, intensifying competition. 

Despite this, Namaspay is strategically positioned to lead the market, thanks to its early entry and unique value proposition.