CheqUPI- India’s first UPI wallet for foreign tourists, has undertaken the initiative to revolutionise the payment landscape, empowering foreign travellers and NRIs to relish in a seamless payment experience.
In 2016, India witnessed the pangs of demonetisation, aimed to crack down on corruption. The country was not ready for the boom that came with demonetisation - to become a cashless economy. In a country with more than 142 Cr. people, countless languages and diversity of thoughts, creating a seismic shift in financial behaviour seemed like an impossible task.
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However, the introduction of UPI changed the overall financial operations of the country collectively with more than 75% of retail transactions taking place through the interface in 2022 - 2023. While Indian citizens enjoyed seamless financial management and payment convenience, foreign travellers and NRIs were forced to navigate through myriad financial hurdles from long tedious ATM queues to low card acceptance which impacted their travel experience in India. Against this backdrop, CheqUPI- India’s first UPI wallet for foreign tourists, has undertaken the initiative to revolutionise the payment landscape, empowering foreign travellers and NRIs to relish in a seamless payment experience.
Elated about transforming travel experiences for foreign travellers and NRIs in India, Manish Kumar Shukla, Co-founder of CheqUPI said, “ UPI being ubiquitous in India and its surging popularity as a hassle-free and most preferred way of making payments, we were dedicated to delivering the same stress-free payment journey to foreign guests visiting our country. Going forward with the ideology ‘When in India, Pay like an Indian’, we’ve been able to turn that dream into reality, curating a seamless financial management journey like no other.”
Business Foundation
Incepted in 2021, CheqUPI has been successful in delivering exceptional payment solutions by introducing India’s first and foremost digital UPI wallet for foreigners and NRIs. It allows them to pay from any remote corner of the country, simply by their smartphone. By choosing a simplified user interface that can be operated by individuals of all age groups, CheqUPI is accelerating the development of a financial ecosystem catering to diverse segments.
Eliminating the hassle of arduous paperwork and rigorous verification processes, users can simply download the app and add money to their CheqUPI wallet through any payment method - from international debit/credit cards to net banking and use it to make transactions. Furthermore, its UPI wallet only charges users Rs. 799 as a one-time joining fee, post that users experience hassle- free payment services.
Bringing innovative payment technology ahead of the curve, CheqUPI’s dynamic payment gateway converts international currency into Rupee, without even having to link their bank accounts. With a robust safety system that blocks suspicious activity proactively and keeps personal data encrypted, foreign travellers can indulge in a crystallised digital payment journey for their India tour.
Key Business Differentiator
Emerging as the leading player in the digitised foreign payment landscape, CheqUPI has been able to solidify its market position as the key enabler of foreign UPI transactions. Prioritising convenience, CheqUPI has mitigated the challenge of thefts, frauds, and the problem of change by empowering foreign tourists to delight in a cashless experience.
Given UPI’s greater penetration in the country with more than 5.5 Cr. merchants from tea stalls to elite five stars accepting UPI payments in opposition to merely 20 lakh accepting international debit and credit cards, Cheq’s wallet offers a one-stop holistic solution. Departing from traditional payment gateways, the platform endeavours to open new avenues in digital payment infrastructure by permitting foreign users to utilise UPI services with international phone numbers and cards.
Business Growth and Future Plans
Heading on an unprecedented growth trajectory, CheqUPI has carved a distinctive niche in the making of an inclusive payment economy as more than 1000 foreigners users from 30 different countries have added money to their Cheq wallet. With a gigantic merchant network across India of more than 55 million, foreigners have successfully made 10000+ merchant transactions, accounting for more than 80 lakhs at more than 3500 online and offline merchants through CheqUPI’s elaborative and innovative network.
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