Readit NewsSeems like a funny coincidence
Or maybe UPI becomes like the new https.
Each country implementing its own versions
I would hope so, because I think otherwise I wouldn't want to use it without OCI (i.e. a perpetual visa it's not an issue) - would just be an annoying thing to keep track of.
Your account balance and history will remain consistent and untouched.
These are the steps you'll have to follow if you plan to launch a new UPI app:
First, you'll finalize the business plan + team.
Second, you'll have to find early investors and backers
Third, you'll have to find a banking partner to work with
Fourth, you'll have to develop the product
Fifth, you'll undergo certifications and audits by RBI approved third parties
Sixth, you're app will be tested by officials at the NPCI
Seventh, Now you go live
Only after step 7, do you get to know if customers will buy your product.
Or if the entire effort goes to waste.
Does this link not work for you? https://link-to.app/cheq
Can you try searching for Cheq in your app store/playstore and see if the install works from there?
What's the error
Although that sounds logical, there are multiple services that offer 0% fx conversion. Wise, Monzo, Niyo etc. These travel cards are what I carry around in a different country.
Adding funds via credit/debit card incurs an hefty merchant commission.
And hence, no forex company can't sustainably provide 0 FX rates for too long unless they're only taking funds via bank transfer.
Look at the pain points of customers. It is obvious they are willing to pay higher price for convenience. Anyone visiting India would not complain about $50. Especially since you say it is a one time fee for opening the account. You need to rethink your price. You can even make it an annual fee so you have consistent revenue. The current pricing model is nuts. $10 is too cheap for foreigners.
EDIT: You write elsewhere that there is a markup of 3.5% on top per transaction. Is this credit card fees or your own markup on top of the credit card fees? If it is the latter, then I would advise you against it. Rather take 1 time payment annually ($50 or even $100) instead of 3.5% markup per transaction.
A flat $30-$50 fee will easily cover for most of these costs though.
We can cover the 3.5% markup plus provide doorstep verification service to customers
Thanks for the suggestion. We'll definitely try a variant of this soon
Because, on a basic high-level look, why would a country not want inflows of foreign cash, typically you do want to sell goods/services for foreign money, good for GDP.
In principle, there shouldn't be a concern allowing people to access their own money from anywhere in the world.
However the product category itself is very new right now.
We'll have to demonstrate strong customer need before approvals might be granted.
We'll have to verify the new documents and enable the wallet again.
The range of arguments which may be called "conspiracy theories" is far and wide. And the truth about many theories only becomes clear after a lot of time.
What the author might have discovered instead is the tendency of lonely people to seek new belief systems starkly in contrast to the group they feel alienated from.