NRIWallahPay is a SaaS software platform that enables UK-based merchants to accept UPI (Unified Payments Interface) payments from customers who hold Indian NRE/NRO bank accounts.

How the money flows:

1. The customer pays in INR using their UPI app (PhonePe, Google Pay, BHIM, etc.)
2. The payment settles directly into the merchant’s Indian current account via the merchant’s registered UPI ID
3. An RBI-authorised PSP (Payment Service Provider) handles all fund movement — NRIWallahPay never holds, receives, or transmits INR funds
4. The merchant receives INR in their own Indian bank account linked to their UPI ID

NRIWallahPay is a technology layer only. All payment processing, fund settlement, and regulatory obligations for UPI transactions are handled by an RBI-authorised PSP, which operates under the Payment and Settlement Systems Act, 2007.

Indian Regulatory Compliance

• RBI (Reserve Bank of India): All UPI fund movement is handled by an RBI-authorised PSP licensed under the Payment and Settlement Systems Act, 2007. NRIWallahPay does not act as a payment aggregator or intermediary — we are a SaaS software provider. Merchants are onboarded directly by the PSP as required under current regulations. NRIWallahPay facilitates the connection between merchants and the PSP but does not perform merchant onboarding itself.
• NPCI (National Payments Corporation of India): UPI transactions are processed through NPCI’s Unified Payments Interface. The platform operates within NPCI’s published guidelines for UPI merchant payments.
• FEMA (Foreign Exchange Management Act): Payments made by NRI customers from NRE/NRO accounts via UPI constitute purchase transactions, not remittances. These are permissible under FEMA guidelines for current account transactions. NRIWallahPay does not facilitate foreign exchange — the customer’s bank and the PSP handle any applicable forex conversion.
• PMLA (Prevention of Money Laundering Act): KYC and AML obligations are fulfilled by the PSP (for payment processing and merchant onboarding) and the merchant’s own Indian bank (for the receiving current account). NRIWallahPay does not onboard merchants or customers for payment purposes, nor does it handle KYC — this is delegated entirely to the regulated entities (PSP and banks).

UK Regulatory Compliance

• HMRC (HM Revenue & Customs): UK merchants using NRIWallahPay are responsible for declaring all income received — including INR received into their Indian current accounts — in their UK tax returns. NRIWallahPay provides transaction summaries and export tools via the merchant dashboard to assist with HMRC reporting obligations.
• FCA (Financial Conduct Authority): NRIWallahPay does not hold client funds, execute payments, or provide regulated financial services in the UK. As a SaaS software provider, we fall outside the scope of FCA payment services regulation.
• Companies House: NRIWallahPay (operated by Shartech Ltd) is a registered UK company.

Important: Under current Indian regulations, PSPs (Payment Service Providers) are required to onboard merchants directly. NRIWallahPay does not onboard merchants for payment processing — that is done by the PSP. NRIWallahPay facilitates the process by connecting UK merchants with the appropriate PSP and providing the software layer on top.

Requirements for UK merchants:

1. UK-registered business — sole trader, partnership, or limited company
2. Indian current account with UPI — the merchant must hold an Indian bank current account with an active UPI ID (e.g., merchant@icici, shop@hdfcbank). This is where customer payments settle directly.
3. PSP merchant account — the merchant must be onboarded directly by the PSP. NRIWallahPay facilitates this connection but the KYC, compliance checks, and merchant agreement are between the merchant and the PSP.

How the process works:

1. Merchant expresses interest via NRIWallahPay
2. NRIWallahPay facilitates the merchant’s onboarding with the PSP — the PSP performs all required KYC, compliance checks, and issues the merchant account directly
3. Once the PSP has onboarded the merchant, NRIWallahPay provides the software integration layer — checkout SDK, QR code widget, and merchant dashboard
4. Customer UPI payments flow directly from the customer’s bank to the merchant’s UPI ID via the PSP

NRIWallahPay never touches the INR. We provide the software that connects the merchant’s checkout experience to the PSP’s UPI infrastructure. The PSP handles all payment processing, settlement, and regulatory compliance for the payment flow.

Once onboarded, merchants have access to a self-service dashboard via the NRIWallahPay API:

• Transaction history — paginated list of all payments with status, amount (INR), date, and customer reference
• Revenue summary — today’s volume, month-to-date totals, and 30-day daily breakdown for reporting
• HMRC-ready exports — download transaction data for UK tax return preparation
• API key management — rotate API keys for security
• Webhook notifications — receive real-time payment confirmations to your system
• UPI ID management — update your receiving UPI ID as needed

Summary for RBI / NPCI / Ministry of Finance review:

NRIWallahPay is a UK-based SaaS company that provides software to UK merchants. We do not:

• Hold, pool, or transmit any INR funds
• Act as a payment aggregator, payment gateway, or intermediary
• Perform foreign exchange conversion
• Onboard or KYC end customers (NRI payers)
• Issue any payment instruments

We do:

• Provide a software checkout widget that generates UPI payment requests via the PSP’s API
• Route UPI collect requests to the merchant’s own UPI ID — the merchant’s Indian bank account is the direct beneficiary
• Facilitate the connection between UK merchants and the PSP — the PSP onboards the merchant directly as required by regulations
• Charge UK merchants a SaaS fee for access to the platform software
• Apply a small FX gross-up spread on the displayed GBP-to-INR rate — this is passed to the merchant as part of the INR amount, not retained by NRIWallahPay as a payment fee
• Provide merchants with transaction reporting tools for their UK tax obligations

Payment flow diagram:

NRI Customer (UK)          NRIWallahPay (SaaS)         PSP (RBI-authorised)           Merchant's Indian Bank
─────────────────          ───────────────────          ─────────────────────────      ──────────────────────
Scans QR / enters UPI  →   Creates collect request  →   Processes UPI payment    →     INR credited to
in PhonePe/GPay/BHIM       via PSP's API                through NPCI UPI rails          merchant's current a/c
Confirms with UPI PIN  ←   Receives webhook         ←   Sends payment confirmation

The PSP is the sole entity handling money movement. NRIWallahPay’s role is limited to software orchestration. The merchant is onboarded directly by the PSP — NRIWallahPay facilitates this connection but does not itself act as an onboarding entity for payment purposes.

The platform architecture is designed to integrate with any RBI-authorised PSP. All webhook communications between NRIWallahPay and the PSP are verified via HMAC-SHA256 signature validation.

How NRIWallahPay assists with HMRC compliance:

• Transaction records: The merchant dashboard provides a complete, exportable record of all UPI payments received — including date, amount in INR, applicable GBP equivalent at the time of transaction, and payment status
• Revenue reporting: Monthly and annual summaries are available for inclusion in Self Assessment or Corporation Tax returns
• Foreign income disclosure: INR received into an Indian current account by a UK tax resident is foreign income and must be declared to HMRC. NRIWallahPay’s reporting tools are designed to make this straightforward
• No withholding: NRIWallahPay does not withhold tax on behalf of merchants. Merchants are responsible for their own UK and Indian tax obligations. We recommend merchants consult a qualified accountant familiar with cross-border income

For HMRC review: NRIWallahPay (operated by Shartech Ltd) can provide transaction-level data for any merchant upon lawful request. The platform maintains audit-grade logs of all payment events including timestamps, amounts, merchant identifiers, and payment gateway references.

• API key authentication — all merchant API calls are authenticated with hashed API keys (SHA-256, constant-time comparison)
• Webhook verification — PSP webhooks are validated via HMAC-SHA256 signatures
• No sensitive data logging — request logs capture method, path, and status only; UPI VPAs and payment bodies are never logged
• Rate limiting — 100 requests/minute per IP; 10 requests/minute per API key on payment initiation