CheqUPI is a digital payment platform that utilizes the Unified Payments Interface (UPI) to enable expatriates and non-resident Indians (NRIs) to make cashless transactions at over 55 million merchants across India. By allowing users to load funds from international debit or credit cards, CheqUPI eliminates the need for ATM withdrawals and associated fees, facilitating seamless payments for both online and offline purchases.
Funding
$550K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Expatriates, Non-Resident Indians (NRIs), and tourists often face challenges in making digital payments in India due to the requirement of a local bank account and the complexities of using international credit or debit cards for UPI transactions. This leads to reliance on cash, ATM withdrawals, and associated fees, creating inconvenience and security risks.
Solution
CheqUPI is a digital wallet designed for foreign nationals and NRIs visiting India, enabling them to make seamless UPI payments directly from their smartphones. The platform allows users to load funds into a digital wallet using international debit or credit cards, eliminating the need for a local bank account. CheqUPI users can then transact at over 55 million merchants across India that accept UPI, both online and offline. The application requires a one-time activation fee and in-person verification to ensure compliance and security.
Target Audience
The primary target audience includes foreign tourists, expatriates, and Non-Resident Indians (NRIs) visiting India who require a convenient and secure method for making digital payments.
Features
- UPI-based digital wallet for cashless transactions across India
- Fund loading via international debit and credit cards
- Scan & pay functionality at over 55 million merchants
- Online payment capabilities for digital stores and services
- 24/7 customer support via call and WhatsApp
- In-person verification process at partner branches or via agent booking
- Compliance with government norms, excluding users from FATF listed countries
- Real-time location detection to restrict transactions outside Indian borders