Fampay unveils 'Namaspay' - a UPI app for Foreign travelers in India
Fampay by Trio has been taking a significant step to bring in cash, and the firm has launched a UPI – Unified payment – a powered payment app- Namaspay for travelers from foreign in India. Namaspay is a separate app that lets travelers travel to Europe, Africa, Australia, and the United States.
In addition to one-time registration fees of 
1,650, the app charges 4% and 1% for money loading and withdrawal, respectively. Due to the fact that UPI-powered payment apps have almost completely replaced cash in urban areas, Namaspay appears to be in a strong position. The NPCI-possessed installment railroad handled almost 15 billion exchanges in August.
1,650, the app charges 4% and 1% for money loading and withdrawal, respectively. Due to the fact that UPI-powered payment apps have almost completely replaced cash in urban areas, Namaspay appears to be in a strong position. The NPCI-possessed installment railroad handled almost 15 billion exchanges in August.
There is definitely a case to be made for UPI to offer a version for tourists from other countries because it is accepted almost everywhere and eliminates the need to carry cash. More importantly, UPI continues to have a negligible impact on the revenue or profitability of its participants. A Namaspay-like app for international travelers has the potential to substantially close the financial profit gap. Cheq is probably the only competitor for Namaspay, so this [UPI for foreigners] is largely white space in the UPI.
For instance, India got 92 million foreign tourists in the year 2023. The majority of these tourists pay with cash or plastic money.
Subsequently, there is by all accounts a chance for players like Namaspay and Cheq. Notwithstanding, that's what specialists frame if this [UPI for foreigners] would arise as a rewarding space, huge players including PhonePe and Paytm will push their contributions too. The parent company of Fampay appears to be attempting to investigate additional use cases within the UPI ecosystem with Namaspay.
NPCI's response to the move to more strongly monetise it cannot be predicted, and it is highly likely that it will also attempt to set benchmarks there.
Fampay, which began as a teen-focused neo-banking platform, has evolved into a full-fledged UPI app similar to PhonePe and Paytm. To create a fintech service for people under the age of 18 in India, the company spent more than Rs 200 crore. The firm, which brought $38 million up in Series A funding round, detailed not as much as Rs 15 crore in income in the course of its life. In July, 52 million UPI transactions were processed by Fampay.
Within a year of a full-fledged pivot, the company rose to the top 10 and demonstrated rapid growth. According to its regulatory filings, Namaspay is owned by Pehe through its subsidiary TrioTech, where Sambhav Jain and Kush Taneja, co-founders of Fampay, are listed as owners.
