We are pleased to have advised Transcorp, India’s first publicly listed non-banker issuer of cards, on its partnership with Cheq, a popular Unified Payments Interface (UPI) wallet solutions provider – in their effort to launch India’s first UPI on PPI app!
This app will enable not only Indian citizens, but also foreign tourists and foreign nationals from over 47 countries to make payments instantly and conveniently using the co-branded Transcorp-Cheq UPI product. We are proud to have played a role in Transcorp’s mission to offer digital payments and UPI solutions to such a large demographic. Notably, procuring approvals from the National Payments Corporation Of India (NPCI) and the Reserve Bank of India (RBI) for such a product is a new milestone in the Indian market!
The product is structured such that Transcorp via this partnership with Cheq, will issue a PPI wallet with a unique UPI handle for each user, to enable payments anytime and anywhere in India. With UPI-interoperability, users shall be able to optimise their spending across all wallets by scanning QR codes.
Congratulations to our team, led by Mathew Chacko, and comprising Ankita Hariramani, Soumitra Ponkshe, and Vishal Singh – on structuring this novel product!
