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Exclusive: Fampay launches UPI app Namaspay for foreign travelers in India

EntrackrEntrackr · 1y ago
Exclusive: Fampay launches UPI app Namaspay for foreign travelers in India
Medial

Fampay by Trio has been looking at avenues to make money, and the firm has launched a unified payment interface (UPI)-powered payment app -Namaspay for foreign travelers in India. Namaspay is a separate app which allows travelers across continents including Europe, Africa, Australia, and the US. The app charges Rs 1,650 as one time registration fees along with 4% and 1% on money loading and withdrawal, respectively. Namaspay seems to be a well positioned offering as the UPI-powered payment apps have almost replaced cash in the urban regions. The NPCI-owned payment railroad processed nearly 15 billion transactions in August. Since UPI is accepted almost everywhere and weeds out cash carrying requirements, there is definitely a case for it to offer a version for foreign tourists. More importantly, UPI remains a negligible contributor to revenues or profitability to the players associated with it. A Namaspay kind of app for foreign travelers has sizable potential to fill the profitability gap fonally. To a large extent, this [UPI for foreigners] is a white space in the UPI as Cheq is probably the only competition for Namaspay. For context, India received 92 million foreign tourists in 2023. Most of these tourists either use plastic money or cash for payments. Hence, there seems to be an opportunity for players like Namaspay and Cheq. However, experts outline that if this [UPI for foreigners] would emerge as a lucrative space, large players including PhonePe and Paytm will push their offerings as well. Namaspay appears to be an attempt by Fampay’s parent to explore more use-cases around UPI ecosystem. More importantly, there is no predicting how NPCI will react to the move to monetise it more strongly, with every likelihood of it trying to set benchmarks there as well. Fampay which was started as teen-centric neo-banking platform but it pivoted to become a full-fledged UPI app (like PhonePe and Paytm). The company blew over Rs 200 crore to build a fintech offering for the population below 18 years of age. The firm, which raised $38 million in series A round, reported less than Rs 15 crore in revenue in its lifetime. Fampay processed 52 million transactions via UPI in July. The company has demonstrated rapid growth as it managed to climb to top 10 list within a year of full-fledged pivot. Namaspay is owned by Pehe via its subsidiary TrioTech where Fampay’s co-founders Sambhav Jain and Kush Taneja are listed as owners, according to its regulatory filings.

NPCI International signs MoU with Greek bank to take UPI to Europe

Economic TimesEconomic Times · 1y ago
NPCI International signs MoU with Greek bank to take UPI to Europe
Medial

NPCI International Payments (NIPL) has signed a memorandum of understanding with Eurobank, a Greek bank, to process foreign inward remittance from Greece through UPI (Unified Payments Interface). This partnership positions Greece as one of the first European countries to enable seamless remittances to India using UPI rails. The agreement includes fund settlement, reconciliation, and dispute resolution in their respective jurisdictions. This initiative strengthens economic ties between India and Greece through increased remittance flows. Previously, UPI was launched in France, allowing Indian tourists to purchase Eiffel Tower tickets using UPI payments. NPCI has established relationships with several countries, resulting in the acceptance of UPI and RuPay as payment methods.

Junio receives RBI approval to issue prepaid payment instruments

EntrackrEntrackr · 9d ago
Junio receives RBI approval to issue prepaid payment instruments
Medial

Junio Payments, a subsidiary of FirstPay Technologies, has received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs). According to Junio Payments, this marks a significant milestone in its journey to expand access to secure and innovative digital financial solutions designed especially for teenagers and young adults. With this authorisation, Junio will soon introduce a digital Wallet linked to UPI, allowing users to scan UPI QR codes and make payments even without a bank account. This capability aligns closely with the UPI Circle initiative launched by NPCI, enabling youngsters to make UPI payments using their parents’ linked UPI accounts. Founded by Ankit Gera and Shankar Nath, Junio has been at the forefront of creating a unique digital ecosystem tailored for young users. The Junio app, along with its RuPay co-branded physical and virtual prepaid cards, empowers parents to transfer money, set spending limits, assign tasks or allowances, and monitor financial activity in real time. “Prepaid wallet is more powerful now as it can be linked for UPI payments. Our focus is on innovation that balances freedom with guidance—ensuring every digital transaction becomes a step toward independence, literacy, and trust,” said Ankit Gera, co-founder of Junio Payments. The Junio app, trusted by over 2 million students and young professionals, creates a safe, cashless, and educational payment environment for India’s digital-native youth. It supports online and offline purchases, tap & pay, and NCMC-enabled transit payments.

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