As of 2016, Uphold members can instantly send money or make payments to anyone in India, redeemable directly through any Indian bank, businesswire.com reports.
Through the partnership with IDFC Bank, which is subject to approval from the RBI, 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 USD 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.
Uphold’s securecode programme with IDFC Bank will be available across India in Q2 2016.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now