Three UPI wallets now let foreign travelers pay at Indian merchants by QR code. All three loads are from an international card. All three work on the same UPI network. But they charge different fees, verify your identity differently, and sit on very different regulatory foundations. Picking the wrong one means paying more on every single load for your entire trip.

This is a side-by-side comparison of CheqUPI, Mony, and NamasPay on the things that actually affect your money: joining cost, loading fee, hidden charges after the trip, verification speed, regulatory backing, and support when something breaks.

Key highlights

• CheqUPI charges 2.95% plus tax to load funds. Mony charges 3.5%. NamasPay charges 4%.
• CheqUPI is free to join for all eligible nationalities. NamasPay charges a one-time registration fee of Rs 1,650 (approx. $18).
• All three wallets support Person-to-Merchant payments only. None allow P2P transfers under RBI regulations.
• CheqUPI operates on Transcorp International’s PPI and AD Cat-II license and is backed by Y Combinator (W22).
• CheqUPI is the only wallet with a physical verification network across 15+ Indian cities, plus doorstep verification in select locations.
• Mony charges Rs 399 (approx $4) per month as an inactivity fee after you leave India. Mony confirmed this in its own App Store developer response.

What all three wallets actually do

All three are prepaid payment instruments issued under RBI guidelines for the UPI One World framework. The National Payments Corporation of India (NPCI) built UPI One World to let foreign travelers and NRIs pay Indian merchants without an Indian bank account or Indian SIM card. An internet connection and location access are required.

You download one of the apps, complete identity verification, load Indian rupees from your international Visa or Mastercard, and pay any UPI merchant by scanning their QR code. The payment hits the merchant in seconds, just like it does for any Indian resident using UPI.

All three are P2M only. That means you can pay registered businesses: restaurants, shops, hotels, pharmacies, and Zomato. You cannot send money to personal UPI accounts. Auto drivers and street vendors using personal QR codes fall outside what any of these wallets can do. For those, you need cash. If you are wondering why international cards fail at Indian QR codes, a UPI wallet is the only bridge. For a full setup walkthrough, the guide on how to set up UPI as a foreign tourist covers every step.

Fees compared: joining, loading, and the hidden ones

Joining fees

CheqUPI is free to join for all eligible nationalities. Russian nationals are the only exception, paying a one-time fee of Rs 999 (approx $12).

Mony does not list a separate joining fee on its website or app store listing. The cost is bundled into the loading fee structure.

NamasPay charges a one-time registration fee of Rs 1,650 (approx $18). Multiple sources confirm this figure, including reporting by Entrackr, Infomance, and CXO DigitalPulse at the time of NamasPay’s September 2024 launch.

For a traveler on a two-week trip, Rs 1,650 (approx $18) before you have loaded a single rupee is a real cost. CheqUPI removes that barrier entirely.

Loading fees

This is the fee you pay every time you add rupees to your wallet from your international card. It applies on every top-up, so even a small percentage difference compounds over a trip.

CheqUPI charges 2.95% plus tax. On a Rs 10,000 load (approx $106), that is roughly Rs 295 (approx $3).

Mony charges a flat 3.5%. On the same Rs 10,000 (approx $106) load, that is Rs 350 (approx $4). Mony’s own developer team confirmed this rate on the Apple App Store, writing: “Mony charges a flat 3.5% top-up fee.” The same figure appears in Mony’s Google Play developer response.

NamasPay charges 4%. On Rs 10,000 (approx $106), that is Rs 400 (approx $4.25). NamasPay also charges a separate 1% withdrawal fee when you cash out an unused balance.

Over three loads totaling Rs 30,000 (approx $319), the difference between CheqUPI and NamasPay is roughly Rs 315 (approx $3.35). Add NamasPay’s Rs 1,650 (approx. $18). joining fee, and the gap widens to nearly Rs 2,000 (approx $21) before you have paid a single merchant.

All three wallets charge 0% on the merchant payment itself. The UPI QR payment at the shop is always free. Compared to airport money changers in India, where markups run 8% to 9%, even the highest wallet loading fee is far cheaper.

If you are weighing all your options, the guide on cash, card, or QR payments in India puts these costs in the full context of a trip budget. You can also see how a wallet stacks up against a prepaid travel card in the forex card vs UPI wallet for India comparison.

Note: Always check chequpi.com  for the latest rates before you travel.

Inactivity and closure fees

These are the charges most travelers only discover after they leave India. Mony charges Rs 399 (approx $4) per month as an inactivity fee if you stop using the wallet. Mony’s developer team confirmed this on the App Store: “The inactivity and deactivation fees are part of our pricing policy.” If you deactivate your Mony wallet, Mony charges another Rs 399 (approx $4) as a deactivation fee. Multiple user reviews across both the US and UK App Stores confirm both charges.

CheqUPI’s inactivity fee is Rs 349 (approx $4) per month, and the closure fee is Rs 399 (approx $4). These are user-reported figures.

NamasPay’s post-trip charges are not clearly disclosed on their app listing or website at the time of writing.

The takeaway: if you plan to visit India once and not return for a year, the monthly inactivity fee on any wallet adds up. Close your wallet before you fly home and request a refund of the unused balance to your source card.

Verification: digital vs in-person and why it matters

CheqUPI’s 15+ city branch network and doorstep option

RBI guidelines require identity verification for prepaid wallets issued to foreign nationals. CheqUPI completes this through Transcorp International’s branch network across 15+ cities: Ahmedabad, Amritsar, Bangalore, Bhubaneswar, Chandigarh, Chennai, Delhi, Dharamshala, Gurgaon, Hyderabad, Jaipur, Jalandhar, Kolkata, Mumbai, and Visakhapatnam.

The process takes 5 to 10 minutes. You can also book a doorstep verification in select cities, where an agent visits your hotel or residence. CheqUPI is the only wallet in this comparison with a physical verification network. App Store reviews name individual agents (“Abhay in Delhi” and “Jazz”) and describe the experience as responsive and personal.

Mony and NamasPay’s digital KYC

Mony offers digital KYC through the app: upload your passport and visa, and a remote team reviews them. On paper, this sounds faster. In practice, multiple App Store reviews report the process taking “almost two days” before the wallet activates. One Google Play user wrote that transactions failed four times in two weeks and “the app was down for a whole day.”

NamasPay also uses digital KYC. Its user base is significantly smaller, and independent reviews of the verification experience are limited.

Digital KYC can be convenient if it works on the first attempt. But when it does not, you have no branch to walk into and no agent to call to your hotel. CheqUPI gives you both options.

Regulatory backing and trust signals

CheqUPI, Transcorp, and Y Combinator

CheqUPI is built by Terrafin Solutions Private Limited and operates on Transcorp International’s PPI and AD Cat-II license from the Reserve Bank of India. CheqUPI’s own App Store listing confirms, “CheqUPI wallet is powered by Transcorp International Limited, an RBI-regulated PPI license and AD2 license holder.” This dual license means Transcorp is authorized both to issue prepaid instruments and to handle foreign exchange under FEMA regulations.

CheqUPI was named as an issuer app for NPCI’s UPI One World wallet at the India AI Impact Summit 2026, alongside IDFC FIRST Bank and Smart Payment Solutions. It is also backed by Y Combinator (W22), which provided $500,000 in early-stage funding.

The platform holds 23,021 backlinks from Y Combinator press, NPCI listings, and regulatory mentions. That is a trust footprint most fintech startups take years to build.

Mony’s Smart Payment Solutions and NamasPay’s TrioTech

Mony is operated by Smart Payment Solutions Private Limited, based in Gurugram. Its Google Play listing confirms the address at Sector 53, Vatika Atrium, Golf Course Road. Smart Payment Solutions holds its own PPI license and was also named as an issuer at the India AI Impact Summit 2026.

NamasPay is operated by TrioTech Solution Private Limited, a subsidiary of Pehe. Fampay co-founders Sambhav Jain and Kush Taneja are listed as owners in regulatory filings, as reported by Entrackr and Infomance. Fampay originally built a teen-focused neo-banking platform before pivoting to UPI. NamasPay has the smallest market presence of the three.

The regulatory question is simple: Who holds the license that governs your money? For CheqUPI, that is Transcorp, an established entity with decades in foreign exchange. For Mony, it is Smart Payment Solutions. For NamasPay, it is TrioTech. All are RBI-regulated, but the depth of operational history differs.

App experience and support

CheqUPI offers WhatsApp and phone support from Monday to Friday, 9 AM to 9 PM IST, and Saturday to Sunday, 10 AM to 7 PM IST. The app is available in English. Multiple App Store reviews describe the support as personal and name-specific, which matters when you are in an unfamiliar country with a payment issue.

Mony claims 24/7 support on its Google Play listing and offers the app in 10 languages: English, Spanish, German, French, Japanese, Korean, Chinese, Portuguese, Russian, and Italian. That language range is a genuine advantage for non-English-speaking travelers. However, one App Store reviewer noted that support “only responded to one of four issues. ” Mony’s developer acknowledged the inconsistency, writing, “Sorry about the experience with support; that’s not what we aim for.”

NamasPay’s support infrastructure is less documented. The app has a small review base and limited public feedback on response quality. For a deeper look at whether foreign tourists can use UPI in India, including what happens when payments fail, having responsive support matters more than most travelers expect.

Which wallet wins for which traveler?

For a short-stay tourist spending two to three weeks in India, CheqUPI offers the lowest loading fee, no joining cost, and a physical branch network that removes the risk of digital KYC delays eating into your first days.

For a budget-conscious backpacker counting every rupee, the 2.95% vs 3.5% vs 4% gap compounds. Over Rs 50,000 (approx $532) in total loads, CheqUPI saves roughly Rs 275 (approx $3) against Mony and Rs 525 (approx $6) against NamasPay, before NamasPay’s Rs 1,650 (approx $18) joining fee.

For an NRI visiting family, CheqUPI supports both foreign passport and Indian passport wallet types, with branches in the cities NRIs are most likely to visit.

The only scenario where Mony has an edge is if you speak a language other than English and need in-app support in Japanese, Korean, or German. Mony’s 10-language interface is a real differentiator there.

Conclusion

On fees, CheqUPI charges the least. On verification, CheqUPI is the only wallet with physical branches and doorstep service. On regulatory depth, CheqUPI sits on Transcorp’s established PPI and AD Cat-II licenses with Y Combinator backing.

Mony is a functional wallet with strong multi-language support but charges 3.5% on every load and Rs 399 (approx $4) per month if you go inactive. NamasPay charges the most on both joining and loading and has the thinnest operational footprint.

For most foreign travellers, CheqUPI is the strongest option across every dimension that affects your money.

FAQs

1. Which UPI wallet has the lowest fees for tourists?
CheqUPI charges 2.95% plus tax to load funds. Mony charges 3.5%. NamasPay charges 4% plus a separate Rs 1,650 (approx $18) joining fee.

2. Is CheqUPI free to join?
Yes. CheqUPI is free to join for all eligible nationalities. Russian nationals are the only exception, paying a one-time fee of Rs 999 (approx $12).

3. What does Mony charge to load money?
Mony charges a flat 3.5% on every top-up from an international card. Mony confirmed this rate in developer responses on both the Apple App Store and Google Play.

4. How much does NamasPay cost to register?
NamasPay charges a one-time registration fee of Rs 1,650 (approx $18), plus 4% on every load and 1% on withdrawals. Entrackr, Infomance, and CXO DigitalPulse confirmed these figures.

5. Can foreign travelers use UPI in India?
Yes. Foreign travellers from 180-plus FATF-compliant countries can use a Prepaid Payment Instrument wallet like CheqUPI to make UPI QR payments at any registered merchant.

6. Do I need an Indian bank account for CheqUPI?
No. CheqUPI works without an Indian bank account or Indian SIM card. An internet connection and location access are required.

7. What is the inactivity fee on Mony?
Mony charges Rs 399 (approx $4) per month if the wallet goes inactive. Mony’s developer team confirmed this fee in an App Store response, calling it “part of our pricing policy.”

8. Which UPI wallet has physical verification branches?
Only CheqUPI. It has branches across 15 Indian cities through Transcorp International, plus doorstep verification in select locations.

9. Is CheqUPI backed by Y Combinator?
Yes. CheqUPI (Terrafin Solutions) participated in Y Combinator’s W22 batch and received $500,000 in early-stage funding.

10. Can I use these wallets for P2P transfers?
No. All three wallets support Person-to-Merchant (P2M) payments only. P2P transfers are not permitted for foreign national wallets under RBI regulations.

“Three wallets, one clear winner on fees, verification, and regulatory trust. CheqUPI charges less on every load, costs nothing to join, and gives you a real branch to walk into if anything goes wrong.Download CheqUPI before your trip and activate your wallet once you’re in India.”