Bengaluru-based fintech startup Fampay Namaspay was recently launched, a Unified payment interface Payment app developed by (UPI) designed specifically for foreign travelers visiting India.
The new app is aimed at tourists from continents such as Europe, Africa, Australia and the United States, with the aim of taking advantage of 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. It also charges a 4% fee for loading money into the app and a 1% fee for withdrawing money.
These charges, though nominal, represent a calculated measure to balance profitability while providing convenience to foreign tourists.
In August alone, UPI processed 15 billion transactions in India, demonstrating the widespread adoption of this payment method. Namaspay leverages this infrastructure, making it an attractive option for tourists who rely on cash or plastic cards.
Market potential
By 2023, India welcomed 92 million foreign tourists, creating a significant market opportunity for Namaspay. Currently, the app faces limited competition, with Cheq being its main rival.
However, experts suggest that if this market proves lucrative, bigger players like PhonePe and Paytm could soon enter the space, intensifying the competition.
Despite this, Namaspay is strategically positioned to lead the market, thanks to its early entry and unique value proposition.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.