Indian private sector lender Yes Bank has collaborated with cloud-based financial platform Uphold to help Uphold users move funds directly into or out of any Indian bank.
Users of Uphold will be able to fund their account using bank account, debit or credit card, and can instantly transfer the amount onto an Uphold Rupee card.
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When ready to withdraw, users need to provide relevant bank account data, and the funds will be deposited and available on the same or next day, Uphold said.
The service will be available across the country from the second quarter of this year.No conversion fee will be charged for the transaction.
Uphold executive director J. Mehta said: "The Indian landscape is rapidly changing, yet 60% are still underbanked and 90% of SMBs are not serviced by traditional banks. Here at Uphold we encourage innovation, and with our open API, Uphold Connect, anyone can build more accessible financial service applications to help meet the financial service needs of the Indian population.
"We offer developers the tools to deploy transparent, state-of-the-art cloud money applications with built in security and compliance to offer instant, free global money transfers – all for free."
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By GlobalDataThe partnership with Yes Bank marks Uphold’s second one in India. Last month, Uphold struck a cross-border remittance pact with India’s IDFC Bank.
