[sudshekhar]

Hey @davelondon,

Sudhanshu here, from Cheq UPI.

We're a part of YC S23 and our team launched the Cheq UPI payments app specifically to help international citizens and NRIs avail UPI.

https://chequpi.com/

Some testimonials from our early customers: https://www.youtube.com/watch?v=4Ct5WY9vOz4

We launched officially in August, and are growing fast. Next time you travel to india, do give us a try :)

PS: We don't need an Indian bank account to help you make payments.

[fuzztester]

What's the Cheq UPI business model? Standard VC-backed startup one, of get bought or IPO, or stay in biz and make profits. If profits, how?

[sudshekhar]

The goal is to build a sustainable business which helps customers enjoy the lowest cross border forex rates for purchasing in India.

We're trying to stay away from unsustainable economics

1) Cheq charges a 10$ joining fees to everyone who activates their wallet.

2) We'll eventually charge an add money markup for topping up your wallet using an international card

[fuzztester]

Thanks for the info.

[kylehotchkiss]

As a foreigner who's lived in India for several years, what I'd really prefer is the ability to make payment using the instruments I have and not having to do a whole "KYC" process that no other country would ask me to. Context - within my home USA, I can open bank and credit cards accounts without ever even showing an ID. Having to ask very local shops to scan your passport/visa is an extremely uncomfortable request for people from abroad who have been told to protect that document from identity thieves their whole life. Nobody wants to give their address or phone number to a shopkeeper. I wish you guys all the best, but ultimately what India needs is more of those awesome Pine terminals which reliably take foreign cards and Apple Pay support. Then they get the lost card and chargeback protection they get everywhere else. So many foreigners are willing to come and spend money at small shops, why not better enable them to with the tools they have?

[sudshekhar]

The pine terminals and credit card acceptance cost the merchants hefty fees. Which many of the small businesses prefer not to pay, specially given the infrequency of card purchases.

You can always stick to cash and card as your preferred mode of payments in India.

Having a UPI wallet can be a convenient backup for travellers though. You won't have to run around finding an ATM in case you get stuck.

And the verification process might seem "difficult" but its one-time and less painful than visiting a doctor.

Given the applicable forex regulations, I guess that's the best we're allowed to enable right now.