India is renowned for its diversity, culture, and rich heritage, attracting millions of tourists to celebrate its scenic beauty and multiculturalism. India’s tourism sector ranks among the fastest-growing economic sectors in the country, projected to contribute $250 billion to the country’s GDP by 2030 and serve as an economic catalyst that boosts job creation and development. The burgeoning tourism and increasing payment hassles hamper the quality of the experience whilst impacting the growth of the tourism industry.
To address the numerous complexities that foreign tourists face, CheqUPI– India’s first UPI interface platform for foreign nationals has recently conducted a survey to unveil how payment hurdles affect satisfaction rates among tourists and how CheqUPI could be a game-changer for the digital payment landscape in creating immersive experiences.
The tourism sector is continuing to grow at an unprecedented momentum. However, tourists face several routine challenges while making payments which can stagnate the bulging growth of this industry. According to the survey, 75% of tourists find cash dependency as one of the significant challenges, while 85% of them feel that finding ATMs, especially in remote areas that accept international cards can be a major inconvenience.
A lack of adequate facilities and access to financial tools can severely impact the interests of foreign visitors cultivating a negative impression. On the contrary, employing robust UPI technology can help in streamlining, optimising and enhancing the digital payment expense for foreign nationals ensuring the delivery of a mesmerising journey. By harnessing the power of UPI, tourists can make payments from any corner of the country, enjoying their journey not as tourists but as any other Indian citizen.
Manish Shukla, Co-founder of CheqUPI, said, “UPI is all set to revolutionise the digitised financial journey of foreign nationals visiting India by integrating seamless transaction experience with leading-edge technology. With this innovative financial solution, travellers can easily and securely make digital payments at multiple merchant establishments equipped with UPI QR codes across the country, taking a step forward to make online payments accessible for everyone.”
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The survey, which was conducted on 800 foreign tourists, also reveals that 45% of travellers believe that the need to have an Indian phone number for OTP verifications while making online bookings and payments is a giant hurdle and 25% has been vulnerable to scams including overcharging, fake bills or card skimming. Against this backdrop, using a vigilant and reputable platform that prioritises data privacy can minimise vulnerability to scams and eliminate the hassle of OTP verifications.
The findings of the report also suggest that 70% of visitors strongly feel that language barriers can lead to misunderstandings, making bargaining with street vendors an exhaustive process given their unfamiliarity with local customs and prices. The introduction of a UPI wallet for foreign nationals paves the way to avoid communication gaps in the transaction process, making it the most preferred payment channel.
Besides this, the survey identifies 80% is affected by fluctuations in currency exchange rates, it is extremely mind-boggling to be aware of constant fluctuations. As a result, QR-powered UPI removes another obstacle in the financial journey, eliminating worrying about unfavourable rates and fees by developing an online payment ecosystem that prioritises cashless transactions. Thus, payment tools have emerged as a major influencer in shaping foreign travel experiences for 80% of tourists. Tourists now seek for seamless, secure transactions, increasing the importance of reliable payment tools in their travels globally.
Despite several challenges in the payment sphere, travellers can navigate through these hurdles by creating a concrete plan and utilising the power of UPI. Implementing such a system in the financial journey can ensure a smooth and immaculate travel experience.