Uphold envisions a world of borderless financial inclusion and our partnerships are key to fulfilling this vision. And today, we are excited to announce two monumental banking partners IDFC Bank and YES BANK allow Uphold to bring a more affordable, accessible and innovative solution to the 1.2 billion people of India who rely on money transfers as part of their daily financial lives. These partnerships open the world’s largest remittance-receiving country — a $72 billion dollar market — to the benefits of cloud money, including free foreign exchange and almost instant access to funds.
The Indian workforce are are the largest recipients of foreign-earned wages in the world and over the past 5 years remittances from these globally dispersed workers earnings have nearly doubled — $4 billion by February 2016, up from $1.32 billion in the last fiscal year ended March 2015. A majority of the remittances come from the 30 million globally dispersed migrant workers sending money back home. These workers rely on slow wire services and those who can least afford it are paying the most in fees.
Although the Indian landscape is rapidly changing, 60% are still underbanked and 90% of SMBs are not serviced by traditional banks. By opening services to the India we continue to move toward our mission to bring the 2.5 billion underbanked accessible and affordable financial service solutions for fast, free, and easy movement of money.
Uphold members can fund their account via bitcoin, bank transfer (EU, U.S. and China), debit or credit card, then instantly transfer the preferred amount into an Uphold Rupee card instantly and with no conversion fee. When ready to withdraw, members provide specific bank account information and the funds will be deposited and available the same or next day.
At Uphold we encourage innovation, and with our open API, Uphold Connect, anyone can build more accessible financial service applications to help meet the financial service needs of the Indian population. We offer developers the tools to deploy transparent, state-of-the-art cloud money applications with built in security and compliance to offer instant, free global money transfers – all for free.
Stay tuned for an announcement with the programs with IDFC Bank and YES BANK go live across India in Q2 2016. However today, any Uphold member can instantly convert any currency, into Indian Rupee for free. For more information on service, pricing and availability, please contact [email protected]
Onwards and Upwards!
Executive Director, India