Indian private sector lender IDFC Bank has teamed up with cloud-based financial platform Uphold to facilitate inward remittances into India.
The partnership, which is subject to RBI approval, will allow Uphold’s users to instantly send money or make payments to anyone in the country, redeemable through any Indian bank.
Go deeper with GlobalData
The service can be accessed by Uphold users across various geographies, starting with the US and UK.
IDFC said that the partnership will enable Uphold users to create a secure one-time use code to email or text anyone in India.
The receipt can redeem the full value by entering the secure code through the bank’s website and the funds will be transferrable into any bank account in India, the bank added.
IDFC Bank founder MD and CEO Rajiv Lall said: "IDFC Bank intends to simplify any form of transaction through digital innovation. We believe the benefits of today’s digital money ecosystem should be available to just about everyone, across geographies and customer segments.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"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. The partnership is subject to approval from the RBI."
