$72B annual remittance market can leverage free, instant currency exchange and money transfers
Uphold, the world’s fastest growing cloud-based financial platform, today announces services into India. Now, Uphold members - in any market - can instantly send money or make payments to anyone in India, redeemable directly through any Indian bank.
“IDFC Bank intends to simplify any form of transaction through digital innovation,” said Dr. Rajiv Lall, Founder MD & CEO, 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.”
Through partnership with IDFC Bank, Uphold members can create a secure one-time use code to email or text to anyone in India. The receipt can then instantly redeem the full value by entering the secure code through IDFC Bank’s website and the funds will be transferable into any 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.”
“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,” said Mr. J. Mehta, Executive Director at Uphold. “Uphold’s cloud-based platform also empowers those sending money better options, including free forex for currency conversions, and peace of mind that they can send any value at any time, safe, secure and instantly.”
Opening services to the Indian market is another step towards Uphold’s mission to bring the 2.5 billion underbanked accessible and affordable financial service solutions for fast, free, and easy movement of money.
Uphold’s securecode program with IDFC Bank will be available across India in Q2 2016. Available now, any Uphold member can instantly convert any currency, in any amount of value into Indian Rupee for free. For more information on service, pricing and availability, please contact [email protected].
About IDFC Bank
IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of India’s leading integrated infrastructure finance company, IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. For further information, visit www.idfcbank.com and follow them on Twitter, Facebook or LinkedIn.
Welcome to Uphold. The Internet of Money™. Uphold enables anyone, anywhere to move, hold, convert and transact in any form of money or commodity instantly, securely and for free – on any device. Launched in November 2014, Uphold is the fastest growing money platform in the world and has powered over $848M USD in transactions by tens of thousands of members (individuals, businesses and charities) across 174 countries, in 25 supported currencies and four commodities. By integrating with Uphold’s open API Uphold Connect™, developers can fully leverage Uphold’s platform. Uphold is headquartered in Charleston with operations in Braga, London, Los Angeles, Mexico City, Mumbai, Portland, San Francisco, Sao Paulo and Shanghai. Visit www.uphold.com or follow Twitter, Facebook, LinkedIn and Instagram.
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