IDFC Bank announced its partnership with Uphold, the world’s fastest growing cloud-based financial platform, for instant, easy and affordable inward remittances to India. The partnership is subject to approval from the RBI.
This will enable Uphold users across geographies, initially starting with the U.S. and UK, to send money or make payments instantly 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.”
“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 at 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.”
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.
Having started operations on October 1, 2015, IDFC Bank now has 48 branches across the country. The bank is focused on delivering a 24/7 service proposition, that is embedded in technology. Simultaneously, it is building a contiguous network in rural India and simplifying digital for customers in these locations. Its commercial and wholesale banking vertical provides services to the entire spectrum of the business world – from MNCs, large and medium corporates to SMEs, MSMEs and the government.
Uphold’s securecode program with IDFC Bank will be available across India, pending regulatory approvals. Any Uphold member can instantly convert any currency, in any amount of value into Indian Rupee for free.