Fampay has introduced the Namaspay app specifically for foreign travellers coming to India.

Fampay, a fintech startup based in Bengaluru, has launched a new payment app called Namaspay, designed specifically for foreign travellers visiting India. 

The app uses Unified Payment Interface (UPI) technology to make payments easy for tourists from Europe, Africa, Australia, and the United States.

Namaspay aims to cater to the increasing number of travellers who prefer digital payments. With UPI reducing the need for cash transactions, especially in cities, this app provides a smooth and convenient way to pay.

The app charges a one-time registration fee of Rs 1,650. It also has a 4% fee for adding money to the app and a 1% fee for withdrawing money. These fees are designed to be reasonable while still allowing the company to make a profit.

In August, UPI was used for 15 billion transactions in India, highlighting its popularity. Namaspay taps into this extensive UPI network, making it a good choice for tourists who use credit or debit cards.

In 2023, India saw 92 million foreign tourists, creating a big opportunity for Namaspay. Right now, the main competition comes from a similar app called Cheq. However, if Namaspay proves successful, bigger companies like PhonePe and Paytm might enter the market, increasing competition.

Despite this potential challenge, Namaspay is well-positioned to succeed due to its early launch and unique offering tailored for international visitors.