In the past three months, foreign nationals have conducted UPI transactions totaling USD 100,000 using CheqUPI, marking a significant stride in making digital payments accessible to international tourists in India.
With UPI revolutionising online transactions in the country, India has proactively extended this seamless payment method to foreign tourists, emphasising an inclusive approach. Cheq UPI, a pioneering UPI wallet provider for foreign travellers, conducted a survey to illuminate the varied transactions made by foreign tourists through online payment apps.
Between August 1 and October 31, 2023, more than 10,300 transactions were recorded, amounting to a transaction volume of INR 80 lakh. This substantial number underscores the positive impact of UPI services on foreign tourists, showcasing how India’s payment infrastructure has transformed the travel experience for international visitors.
The survey revealed that 29 per cent of the transactions were conducted online, while 71 per cent took place offline using QR code scan-and-pay technology. Foreign tourists engaged in transactions at over 4,726 merchants, spanning from online platforms like Bigbasket, Swiggy, Uber, Redbus, and Amazon to offline establishments such as small bakeries, cafes, and local shops.
Manish Kumar Shukla, Co-founder, CheqUPI, expressed enthusiasm about the success of UPI for foreign travellers, stating, “CheqUPI was developed to streamline and simplify the digital payment landscape for foreign travellers, providing them with a hassle-free payment experience akin to residents of the country.”
As UPI continues to integrate into Person to Merchant (P2M) transactions, CheqUPI’s survey findings emphasise its role in facilitating transactions at high-volume online merchants and boosting smaller businesses in the offline space. The increased accessibility of UPI services for foreign travellers is contributing to the surge in India’s tourism industry.
Recognised as India’s first UPI interface platform for foreign nationals, CheqUPI has onboarded over 500 active users, making multiple transactions weekly. The UPI platform’s inclusive and unique approach aligns with India’s journey toward financial inclusivity.