Panaji
IDFC Bank Friday announced a partnership with leading cloud-based financial network Uphold for instant and affordable inward remittances to India.
The partnership, according to a press release issued, is still subject to approval from the Reserve Bank of India. The partnership will enable Uphold users across geographies, starting with the U.S. and UK, to send money or make payments instantly to anyone in India, redeemable directly through any Indian bank, the release added.
Also, 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 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.”
