India has emerged as the leading country taking charge of the UPI revolution by opening the potential of this hassle-free payment gateway for foreign tourists, indulging them in an equal and inclusive journey. Given the growing popularity of UPI payments, CheqUPI, the UPI wallet provider for foreign travellers, recently conducted a survey to shed light on the multiple types of transactions made by foreign tourists primarily using online payment apps.
A report on actual insights from transactions that Cheq’s customers are doing, helps create a concrete picture of the most preferred foreign transactions, extending from offline to online merchants covering shopping needs, bill payments, peer-to-peer transfers and much more.
According to the survey, between August 01, 23 to October 31, 23 more than 10,300+ transactions were made in total accounting for Rs 80 lakh transaction volume. According to the survey, these numbers demonstrates the positive impact of UPI services on foreign tourists.
Leveraging the seamless scan and pay technology, India has been able to revolutionise the travelling experience of foreign tourists, fostering a payment infrastructure that has bolstered the tourism sector of the country, the survey added.
According to the survey, foreign tourists made transactions at more than 4726 merchants, out of which 29% of transactions were online and the rest 71% were made offline via QR code scan and pay technology.
Manish Kumar Shukla, co-founder, CheqUPI, said, “CheqUPI was developed to streamline and simplify the digital payment landscape of foreign travellers, indulging them in a hassle-free payment journey just like the residents of the country. We sincerely believe in the ideology of ‘Atithi Devo Bhava’, aligning with that our innovative digital payment solution has made it possible for travellers to make expedited transactions at multiple merchant outlets across the country, accelerating the development of an inclusive digital payment ecosystem.”
As UPI continues to penetrate deeper into the Person to Merchant (P2M) transaction space, the findings of the survey also unveiled that popular online merchants with high volumes of payment were leading platforms like- Bigbasket, Swiggy, Uber, Redbus, Amazon etc..
On the contrary, the majority of the offline transactions were made to merchants like small bakeries, cafes, and shops to the popular food, fashion, and leisure retail chains.
The augment and increased accessibility of UPI services for foreign travellers have paved the way for the tourism industry to surge at a burgeoning rate.
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