SpendIN
A payment solution that lets users pay via stablecoins directly from their crypto wallets, while merchants receive instant INR through UPI, bridging the gap between crypto and everyday payments.
Videos
Description
SpendIn – Spend in India with USDC
🔎 Problem
Tourists and foreigners in India cannot use UPI because they lack Indian bank accounts.
Merchants overwhelmingly prefer UPI over cards or cash (it’s instant, cheap, universal).
Visitors are forced to carry cash or rely on limited card acceptance — a poor and unsafe payment experience.
This creates a gap: global travelers are excluded from India’s dominant payment ecosystem.
💡 Solution
SpendIn lets users pay merchants in India using USDC from their crypto wallet, while merchants receive INR instantly through UPI.
No ETH needed: gasless payments, sponsored by the protocol.
Seamless UX: users simply scan a UPI QR code and confirm.
Fail-safe: if a UPI payout fails, the USDC is automatically refunded.
Familiar for merchants: they don’t need to change anything, they receive INR as usual in their UPI apps.
📲 Workflow
User opens SpendIn app (Android).
Connects crypto wallet.
Scans merchant’s UPI QR code.
Enters INR amount → app converts to equivalent USDC.
User signs → USDC transferred to SpendIn escrow.
Backend triggers UPI payout to merchant.
Merchant gets INR, user sees digital receipt & history.
⚙️ Tech Stack
Arbitrum: gasless, low-cost, and fast on-chain settlement with Ethereum security.
USDC: stable and globally recognized settlement currency.
React Native App: Android frontend for wallet connection & QR scan.
Backend services: integration with licensed UPI gateways for INR payout.
Atomic design: instant refund mechanism ensures zero risk for users.
🛡️ Regulation & Compliance
KYC/AML safeguards: transaction logging, limits, and user verification where required.
Sanctions screening: integrate Chainlink’s on-chain screening oracles to automatically check wallet addresses against global sanction lists (OFAC, UN, EU).
Audit trail: 1:1 mapping of USDC → INR transactions for regulators.
Bank/payment aggregator partnerships: aligning with existing UPI compliance frameworks.
Precedent: startups like CheqUPI already enable foreigner → UPI payments in Web2 under approval. SpendIn follows a similar regulated path, but with Web3 rails.
Progress During Hackathon
During the buildathon, we had the chance to present SpendIn in friendly pitch sessions and got valuable feedback from mentors, judges, and fellow participants. Interacting with other teams in person helped us refine our user journey and clarify the value we’re creating for both tourists and merchants. These real-time conversations gave us strong insights into user expectations and practical challenges. On the technical and strategic side, we made significant progress by deeply exploring regulatory compliance frameworks, especially around KYC/AML requirements and sanctioned wallet checks. We also started shaping our approach for wallet tracking and user identity verification, ensuring SpendIn can scale in a compliant and secure way. This buildathon wasn’t just about shipping features — it gave us clarity on how to align innovation with regulation from the ground up.
Tech Stack
Fundraising Status
MVP Built, Proceeding for the KYC and regulation.