Uphold, a cloud-based financial platform, has made a big move in the cross-border payments space by bringing its services to India.
The company announced yesterday (March 31) that its members — across any market — can use Uphold to send money instantly to any person in India that can then be accessed through any Indian bank. This is made possible through a partnership with IDFC Bank.
“IDFC Bank intends to simplify any form of transaction through digital innovation,” said Dr. Rajiv Lall, founder, MD and CEO of IDFC Bank. “We believe the benefits of today’s digital money ecosystem should be available to just about everyone, across geographies and customer segments. Our partnership with Uphold will help us achieve that. It enables customers of IDFC Bank, as well as non-customers, to receive funds in a secure and simple manner. The partnership is subject to approval from the RBI.”
This partnership allows Uphold members to create a unique code to be used one time for a transaction that can be sent via email or text to anyone in India. The person on the receiving end can then get those funds through the IDFC Bank’s website, which are then transferred to a bank account in India.
“Receiving more than $72 billion in 2015, India is the largest remittance country. We are addressing common challenges that stem from a mobile-first population dispersed around the countryside that have had to rely on high-fee, brick-and-mortar wire services far too long,” said Anthony Watson, president and CEO of Uphold. “Now, Uphold creates a safe, easy and more affordable way to send money to anyone in India, from any device, knowing it is redeemable through any bank.”
This service is set to be available across India starting in the second quarter of 2016.
“Our partnership allows Uphold to bring more affordable, accessible and innovative solutions to the 1.2 billion people of India who rely on money transfers as part of their daily financial lives,” commented Mr. J. Mehta, executive director at Uphold. “Uphold’s cloud-based platform also empowers those sending money [with] better options, including free foreign exchange for currency conversions and peace of mind that they can send any value, at any time, safe, secure and instantly.”