CheqUPI: A Game Changer for Foreigners Navigating India's Payment Landscape

CheqUPI is India's first Unified Payments Interface (UPI) wallet tailored specifically for foreign nationals and Non-Resident Indians (NRIs). Founded in 2021, CheqUPI is on a mission to transform the digital payment experience for international visitors and expatriates in India. With a team of 15 dedicated professionals based in Bengaluru, India, and supported by group partner Harj Taggar, CheqUPI offers a seamless, user-friendly digital payment solution that allows users to transact at over 55 million merchants across the country.

Who Are the Founders of CheqUPI?

The innovative minds behind CheqUPI are Sudhanshu Shekhar and Manish Shukla. Both founders bring a wealth of experience and a shared passion for finance and technology, having previously worked with leading companies such as Ispirt, Zeta, Headout, and Walmart.

Sudhanshu Shekhar, one of the co-founders, is committed to building CheqUPI as a superior payments app for foreign nationals and NRIs visiting India. With his extensive background in financial technology and his previous roles at Ispirt, Zeta, Headout, and Walmart, Sudhanshu is well-equipped to lead CheqUPI towards its goal of providing a seamless digital payment experience for its users.

Manish Shukla, the other co-founder, shares a similar dedication and vision for CheqUPI. With his background in Zeta and Ispirt, Manish is focused on enhancing the digital payment experience for foreign nationals and NRIs. Together, Sudhanshu and Manish have known each other for 12 years, and their combined expertise and empathy for the challenges faced by expatriates make them the perfect team to drive CheqUPI forward.

What Problems Do Foreigners Face with Payments in India?

Foreign nationals visiting India often encounter several challenges when it comes to making payments. These issues can significantly hinder their travel experience and include:

1. Non-Acceptance of International Credit Cards: Many Indian merchants do not accept international credit cards, leaving tourists in a bind and often forcing them to search for alternative payment methods.
2. Lack of Loose Change: Indian merchants often do not provide exact change, leading to tourists accumulating unwanted items like candies as change. This can be frustrating and inconvenient for visitors who are not used to such practices.
3. Limited Access to ATMs and Money Changers: Remote locations in India may not have readily available ATMs or money changers, making it difficult for tourists to access cash when they need it the most.

How Does CheqUPI Address the Needs of Indian Expats?

For Indian expats, the payment issues are slightly different but equally frustrating. The primary challenges include:

1. UPI Activation Issues: Enabling UPI on an international number is often problematic, causing inconvenience for NRIs who want to use digital payment methods while in India.
2. Linking NRE/NRO Accounts: NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts are typically linked to the customer’s Indian phone number, which is often deactivated. This creates a barrier for seamless transactions and adds to the complexity of managing finances.
3. Disconnected Phone Numbers: NRE/NRO accounts linked to deactivated Indian phone numbers further complicate the process of making payments, leaving NRIs without an easy way to transact.

With more than 10 million international citizens visiting India each year, these payment issues can significantly affect their overall experience.

What Solutions Does CheqUPI Offer?

CheqUPI provides a comprehensive digital payment solution that addresses the unique needs of NRIs and foreign nationals. Here’s how CheqUPI makes a difference:

1. Digital UPI Wallet: CheqUPI offers a UPI wallet that can be used at over 55 million merchants across India, ensuring widespread acceptance and making it easier for users to pay digitally.
2. Easy Money Addition: Users can easily add money to their CheqUPI wallet using their international debit or credit cards. This convenience allows users to manage their funds effortlessly without needing to visit ATMs or currency exchange counters.
3. Cost-Effective: Purchasing Indian Rupees through CheqUPI is more cost-effective than exchanging currency at the airport, helping users save on foreign exchange costs. This advantage is particularly beneficial for tourists who want to minimize their travel expenses.
4. Security: By using CheqUPI, users can avoid carrying cash and reduce the risk of ATM fraud and card cloning attacks. The app ensures that users' bank card details remain safe and secure, providing peace of mind while traveling in India.
5. International Support: CheqUPI accepts all international debit and credit cards and supports international phone numbers, making it highly accessible and user-friendly for a global audience.

Who is Already Using CheqUPI?

CheqUPI has already garnered a diverse user base, with people from 16 different nationalities utilizing the service. This broad acceptance underscores the effectiveness and appeal of CheqUPI's solution for foreign nationals and NRIs visiting India. The growing user base also reflects the trust and confidence that international visitors have in CheqUPI's ability to provide a reliable and convenient digital payment experience.

How Does CheqUPI Simplify the Payment Process?

CheqUPI simplifies the payment process in several ways, making it an ideal solution for both foreign nationals and NRIs:

1. Universal Acceptance: Users can purchase almost any goods or services across India by simply scanning the merchant's QR code or choosing the "pay by UPI id" option. This widespread acceptance ensures that users can make payments easily and quickly without worrying about whether their payment method will be accepted.
2. No More Loose Change Issues: By using digital payments, users can avoid the hassle of not receiving exact change. This convenience eliminates the need to carry small denominations of cash and reduces the risk of accumulating unwanted items as change.
3. Accessibility in Remote Areas: CheqUPI eliminates the need for ATMs and money changers, making it easier to make payments even in remote locations. This accessibility ensures that users can manage their finances seamlessly, regardless of their location in India.

What is the Vision Behind CheqUPI?

The vision behind CheqUPI is to create a hassle-free and efficient payment experience for every traveler visiting India. The founders, having lived as expatriates themselves, understand the challenges faced by foreign nationals and NRIs. Their goal is to make life easier for these individuals by providing a reliable and secure digital payment solution that addresses their unique needs.

Sudhanshu Shekhar and Manish Shukla have a shared commitment to leveraging their expertise in finance and technology to create a better payment experience for their users. Their vision for CheqUPI is to build a platform that not only simplifies transactions but also enhances the overall travel experience for international visitors and expatriates in India.

How Does CheqUPI Enhance Security for Users?

Security is a paramount concern for CheqUPI. By enabling cashless transactions, CheqUPI helps users avoid the risks associated with carrying physical cash, such as theft or loss. Additionally, CheqUPI ensures that users' bank card details remain safe from ATM fraud and cloning attacks, providing an extra layer of security for their financial information.

CheqUPI's digital wallet also offers robust encryption and security measures to protect users' data and transactions. This focus on security ensures that users can make payments with confidence, knowing that their personal and financial information is well-protected.

What Are the Benefits of Using CheqUPI?

The benefits of using CheqUPI are manifold and cater to the needs of both foreign nationals and NRIs:

1. Convenience: CheqUPI provides a convenient and user-friendly platform for making digital payments. Users can easily scan QR codes or use UPI IDs to make transactions, eliminating the need for cash or loose change.
2. Cost Savings: CheqUPI offers a more affordable way to purchase Indian Rupees compared to traditional currency exchange methods. This cost-effective solution helps users save on foreign exchange fees and other associated costs.
3. Security: Enhanced security measures protect users' financial information and reduce the risk of fraud. By avoiding physical cash and using secure digital transactions, users can travel with peace of mind.
4. Accessibility: CheqUPI supports international phone numbers and accepts all major international debit and credit cards, making it highly accessible to a global audience. This accessibility ensures that users can manage their finances seamlessly, regardless of their location or nationality.

Why Choose CheqUPI?

CheqUPI stands out as a pioneering solution in the Indian digital payments landscape. It addresses the specific needs of NRIs and foreign nationals, offering a seamless, secure, and cost-effective way to make payments across India. With a dedicated team, innovative technology, and a deep understanding of the challenges faced by its users, CheqUPI is poised to transform the way international visitors manage their finances while in India.

CheqUPI's commitment to providing a superior digital payment experience, coupled with its focus on security and convenience, makes it an ideal choice for foreign nationals and NRIs. By choosing CheqUPI, users can enjoy a hassle-free and efficient payment experience, allowing them to focus on enjoying their time in India without worrying about financial transactions.

In conclusion, CheqUPI is more than just a digital wallet; it is a comprehensive solution designed to enhance the travel experience for international visitors and expatriates in India. With its user-friendly platform, cost-effective solutions, and robust security measures, CheqUPI is set to revolutionize the way NRIs and foreign nationals make payments in India.