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

EntrackrEntrackr · 10m 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.

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Google Pay India partners with NPCI to expand UPI services beyond India

IndianStartupNewsIndianStartupNews · 1y ago
Google Pay India partners with NPCI to expand UPI services beyond India
Medial

Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed an MoU to extend the reach of the Unified Payments Interface (UPI) globally. This partnership aims to enable Indian travelers to use UPI payments abroad, establish UPI-like systems in other countries, and simplify international remittances through UPI infrastructure. The collaboration will accelerate the global acceptance of UPI, providing foreign merchants access to Indian customers and simplifying remittances. Google Pay India expressed its commitment to making payments simple, safe, and convenient through this collaboration. UPI has demonstrated significant growth in India, accounting for 62% of digital payment transactions.

Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit

EntrackrEntrackr · 17d ago
Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit
Medial

Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit Fintech startup FamApp (formerly FamPay) seems to have made a significant turnaround, as the company turned profitable and reached Rs 90–100 crore in revenue in the last fiscal year (FY25). Moreover, the six-year-old firm is in late-stage talks to raise secondary and primary capital from existing investors, according to three sources familiar with the matter. “Elevation Capital is leading a $15 million round, primarily comprising secondary capital, for FamApp,” said one of the sources on condition of anonymity. “The secondary component will facilitate an exit for co-founder Kush Taneja and potentially some seed-stage investors.” According to sources, ongoing differences between co-founders Taneja and Sambhav Jain over several months is a key reason for Taneja’s exit. FamApp last raised $38 million in its Series A round four years ago. So far, it has raised $42.7 million from investors like Elevation Capital, Y Combinator, Peak XV, and angels such as Kunal Shah and Amrish Rau. According to sources, Elevation and other investors will primarily acquire Taneja’s stake in the new round. The renewed investor confidence in FamApp comes after the company established stable and sizable revenue channels. “FamApp closed FY25 with Rs 90–100 crore in revenue and turned profitable, recording a profit before tax of Rs 10–12 crore,” said the second source, who wished to remain anonymous. While FamApp’s FY25 performance will be officially confirmed once it reports consolidated numbers, figures shared by sources indicate a major turnaround. In FY24, the company generated Rs 25 crore in revenue but reduced its losses by nearly 90%. FamApp earns revenue through premium upgrades like FamX Ultra (Rs 699), ATM withdrawals (Rs 29), video KYC (Rs 99), autosave feature (Rs 29), and nominal charges on loading of the teen wallet. Moreover, the platform sells premium skins that users can apply as stickers within the app. It also sells codes for gaming (like PUBG) and shopping, targeting the interests of its teen user base. During the first quarter of FY25, FamApp (by Trio) launched Namaspay, a UPI app for foreign travelers in India. It charges a Rs 1,650 one-time fee, 4% on loading, and 1% on withdrawals. According to sources, these revenue channels performed well for FamApp during the fiscal year ending March 2025. Queries sent to FamApp, Elevation, Sambhav Jain and Kush Taneja didn’t elicit any response. The sustained turnaround will be a welcome respite for investors for a concept they had high hopes from. Profitability also ensures the firm is better positioned to adapt to new changes in the fast evolving fintech space, especially the payments space. The exit of Co-Founder Taneja seems to have been handled well, with a cash exit for his labours over the years. Six years after starting with Jain, it is not odd for him to relook his own ambitions and interests vis-a-vis the direction the firm has taken. In fact, many would consider him lucky to be exiting on what appears to be friendly terms.

Flipkart launches UPI app Super.Money to offer financial services

EntrackrEntrackr · 1y ago
Flipkart launches UPI app Super.Money to offer financial services
Medial

E-commerce major Flipkart has launched a unified payments interface (UPI) app Super.Money to offer payments, credit, deposits and other digital financial services. As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of Super.Money. The app is also offering coupons, scratch cards or coins for making UPI payments. “Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion,” said Prakash Sikaria, CEO of Super.Money. The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app. Super.Money was reportedly in talks to raise $20 million from Flipkart. In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month. With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

EntrackrEntrackr · 1m ago
Exclusive: Jar enters UPI payments through BharatPe and Unity Bank
Medial

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank Jar’s integration with BharatPe’s TSP platform enables smooth UPI payment processing, while Unity Small Finance Bank facilitates the banking operations required for these transactions. Jar has entered the UPI Third-Party Application Provider (TPAP) services in collaboration with BharatPe as the Technology Service Provider (TSP) and Unity Small Finance Bank as the Payment Service Provider (PSP). According to the National Payments Corporation of India (NPCI) website, Jar will use the UPI handle @jarunity. Jar allows users to invest in digital gold and investors on the platform can convert their digital gold to physical gold anytime in the form of coins or jewelry with the help of the company’s partners. According to the startup intelligence platform TheKredible, Jar has raised over $60 million to date, with a valuation of approximately $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively hold a 44.96% ownership stake in the company. Jar’s revenue from operations jumped 5.6 fold to Rs 49 crore in FY24 from Rs 8.7 crore in FY23. During FY24, its total expenditure grew 16.26% to Rs 60.38 crore. Jar has not yet filed its annual report for FY25, but according to its CEO, the company has achieved profitability—though exact figures were not disclosed. In an earlier social media update, he shared that Jar’s annualised revenue run rate (ARR) surged from Rs 23 crore in December 2023 to Rs 270 crore by December 2024. Jar will join the likes of BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money, all of which have entered the consumer payments space via UPI since January 2024.

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