Other
Aug 2023Entrackr reported that the RBI requested a halt to co-branded PPI arrangements on UPI, which could affect CheqUPI's Transcorp-based operating model.
SourceIndia's first UPI wallet for foreign nationals and NRIs
Company research
Public company, workplace, funding, and market signals
Updated Jul 29, 2026
Overview
CheqUPI (Cheq, cheq.money) is a Bengaluru-based fintech that provides a regulated UPI-enabled INR wallet for foreign tourists, NRIs, and OCIs visiting India. It lets eligible users load funds with international cards, verify once in India, and pay at UPI QR merchants; public sources are broadly consistent on the product, while funding totals vary across sources, with official/company evidence supporting a ~$500k pre-seed round.
Primary product
UPI-enabled prepaid INR wallet for foreign tourists and NRIs
Founded
2021
Headquarters
#231, Eden Au Lac, Indiranagar, Bengaluru, Karnataka 560038, India
Team size
11-50 employees
Industry
Financial Services
Sub-industry
Cross-border payments / travel fintech
Offices
Bengaluru (HQ; Eden Au Lac, Indiranagar)
Delhi (branch / verification city)
Mumbai (branch / verification city)
Chennai (branch / verification city)
Hyderabad (branch / verification city)
Jaipur (branch / verification city)
Kolkata (branch / verification city)
Pune (branch / verification city)
Goa (branch / verification city)
Ahmedabad (branch / verification city)
Business model
B2C regulated prepaid wallet
fee-based wallet onboarding/loading
B2B corporate spend / expense management on UPI
Funding
Stage
Pre-seed
Total raised
$500K
Latest round
Pre-seed · Aug 2023
Latest amount
$500K
Aug 2023 · Y Combinator Accelerator Program
People & investors
Investors
Work & culture
Public hiring and founder posts suggest a high-ownership, fast-execution fintech culture focused on cross-border payments, B2B partnerships, and building corporate expense management on UPI.
Product & market
Pricing
One-time joining fee plus wallet-loading fee; merchant scan-and-pay is free
Differentiators
- —Lets foreign visitors use UPI without an Indian bank account
- —Supports international debit/credit cards for wallet top-ups
- —Works at 55M+ UPI merchants across India
- —Pre-arrival registration plus in-India verification
- —Regulated via Transcorp / NPCI UPI One World
- —No merchant transaction fee for scan-and-pay
Technology
Java
Spring Boot
Spring
Kubernetes
RabbitMQ
Terraform
PostgreSQL
MySQL
Microservices
Stripe
Adyen
Nium
Customers
Foreign tourists visiting India
NRIs
OCIs
International citizens visiting India
Travelers needing cashless UPI payments in India
Companies sending travelers / employees to India
Competitors
International debit/credit cards
Forex kiosks / money changers
ATM withdrawals
Pine Labs UPI One World
Transcorp International's UPI wallet
Trio (formerly FamPay)
Scale & contact
Estimated revenue
Under ₹10 Cr (Tracxn estimate as of Mar 31, 2025)
Estimated monthly visits
10.1K
Traffic estimate as of Jul 2026
Signals & risks
Latest news
Financial Express · Feb 2026
NPCI extended UPI One World for visitors from 40+ countries; the CheqUPI app by Transcorp is one of the named setup routes, with passport, visa, selfie verification and wallet-load limits described in the article.
ETTravelWorld · Nov 2023
Between Aug. 1 and Oct. 31, 2023, CheqUPI recorded 10,300+ transactions worth INR 80 lakh / USD 100,000, with 29% online and 71% offline usage across 4,726 merchants.
ETTravelWorld · Oct 2023
CheqUPI said foreign travelers made over 10,000 merchant transactions across 3,500+ merchants in 2022; the article also says the company had onboarded more than 300 foreign nationals from 30 countries.
Entrackr · Aug 2023
CheqUPI raised $500,000 in pre-seed funding led by Y Combinator and joined YC Summer 2023; the piece also notes AngelList was the prior sole investor and flags a regulatory risk around co-branded PPI arrangements.
Jobs and careers at CheqUPI
0 jobs at CheqUPI
No open positions
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