Bengaluru-based fintech startup Fampay has introduced Namaspay, a new payment app designed specifically for foreign tourists visiting India. Powered by the Unified Payment Interface (UPI), this app is tailored to meet the needs of tourists from various regions, including Europe, Africa, Australia, and the United States. With the rise of digital payments in India, especially in urban areas, Namaspay aims to provide a smooth and convenient payment experience for visitors.
Convenient Payment with Nominal Charges
Namaspay comes with a one-time registration fee of Rs 1,650. In addition, users are charged a 4% fee to load money into the app and a 1% fee for withdrawing funds. These charges are designed to balance the convenience offered to foreign tourists while ensuring profitability for the app. With UPI handling 15 billion transactions in August alone, Namaspay leverages this well-established payment infrastructure, making it an attractive option for tourists who would otherwise rely on cash or credit cards.
Market Potential and Competition
India saw 92 million foreign tourists in 2023, highlighting a significant market opportunity for Namaspay. Currently, the app faces limited competition, with Cheq being its primary rival. However, industry experts believe that if this market proves to be profitable, larger players like PhonePe and Paytm may soon enter, creating more competition. Despite this, Namaspay’s early entry and focused approach give it a strategic advantage in capturing a significant share of the market.
Positioning for Success
Namaspay’s launch comes at a time when digital payments are rapidly growing in India. With the app’s ability to offer a seamless and secure payment option for foreign tourists, Fampay is strategically positioning itself as a leader in this niche market. The app’s unique value proposition, coupled with the widespread adoption of UPI in India, makes Namaspay a strong contender in the digital payment space for tourists.
