Empowering NRIs: CheqUPI’s Innovative Approach to Seamless Digital Payments

In conversation with Manish Kumar Shukla, Co-founder, CheqUPI

Can you tell us about your background and what inspired you to start CheqUPI?

I graduated with a B.Tech in Computer Science and a Masters in Physics from IIIT Hyderabad in 2016. Following my graduation, I embarked on a journey with Zeta, initially joining the company and eventually transitioning into the realm of data science. At Zeta, I spearheaded a system designed to manage fraud and risk. Alongside this experience, I also collaborated with the Harishchandra Research Institute in Allahabad, which is affiliated with the Department of Atomic Energy.

I was motivated to tackle real-world challenges. Seeing the rapid rise of UPI and its capabilities, I realized its broader potential beyond payments. I observed gaps, like foreign nationals’ inability to use UPI without an Indian account or phone number, prompting further exploration into financial system complexities.

To bridge this gap, Sudhanshu Shekhar and I conceptualized CheqUPI which is India’s first UPI-enabled digital wallet tailored for foreign nationals. Leveraging the existing UPI infrastructure, we devised a solution allowing these individuals to register using their international phone numbers. Furthermore, we streamlined the KYC process, enabling verification through their passports and visas. This initiative ensured that foreign nationals could seamlessly integrate into the UPI framework, expanding its reach and potential.

How does CheqUPI differentiate itself in the crowded fintech and UPI space?

One of our primary differentiators is our exclusive focus on NRIs, a segment often overlooked by many competitors. Unlike other apps that require NRIs to undergo the cumbersome process of linking their Indian bank accounts, CheqUPI streamlines this by eliminating that necessity. This not only reduces friction but also enhances user experience. Additionally, we prioritize accessibility by allowing NRIs to register and transact using their international phone numbers. This unique approach ensures that NRIs have a hassle-free and efficient way to manage their digital payments, setting CheqUPI apart as a leader in catering to the specific needs of the NRI community.

As a full-stack UPI startup, how does CheqUPI leverage technology to improve Payment solutions for NRI?

CheqUPI harnesses advanced technology to enhance payment solutions specifically tailored for NRIs. Recognizing the unique challenges faced by this demographic, CheqUPI eliminates the need for NRIs to link their Indian bank accounts, simplifying the onboarding process. Our tech-driven approach not only streamlines payments but also prioritizes user experience, making CheqUPI a preferred choice for NRIs seeking efficient and secure digital payment solutions.

Are there specific regions or markets that CheqUPI  is targeting for expansion, and if so, what factors influence those decisions

Currently, we primarily serve as a digital payment platform, especially catering to individuals visiting India. Our vision, however, extends beyond mere payments. We aim to evolve into a comprehensive travel companion. This means offering users travel recommendations, insights on historical sites, and dining suggestions based on their location. Essentially, we aspire to be a one-stop solution for travelers. We anticipate this transformation to materialize over the next six months to a year. Exciting developments lie ahead, including the integration of eSIM card services, travel insurance offerings, and other essential travel amenities to enhance the overall travel experience for our users.

Several factors prompted our transition from a digital payment platform to a holistic travel companion. Primarily, feedback from users emphasized the need for unified travel solutions. Additionally, recognizing market shifts, particularly the merging of digital platforms and travel services, revealed a distinct opportunity for expansion and distinction.

Could you discuss any obstacles your company encountered and the strategies employed to address them?

We’ve explored various strategies to expand the business and recognize that each presents its unique set of challenges. One challenge we identified is the limited awareness of UPI among foreign nationals. For instance, in countries like the US and UK, card usage predominates, and the populace is less acquainted with QR code-centric methods, primarily relying on card transactions. I extend my gratitude to NPCI, RBI, and several other governmental bodies for their proactive efforts in promoting UPI awareness. Their initiatives have been instrumental in propelling UPI onto the global stage. We are also actively working on top of the funnel activities where we could demonstrate why UPI is a game changer in India.