$72 billion annual remittance market can leverage instant currency exchange and money transfers
Mumbai – March 31, 2016: IDFC Bank today 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.
For more information on service, pricing and availability, please contact India@uphold.com.
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. www.idfcbank.com or Twitter, Facebook and LinkedIn
About Uphold:
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 $836M 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. www.uphold.com or Twitter, Facebook, LinkedIn and Instagram.