Uphold Joins with IDFC to Enter World’s Largest Remittance Market – India

Cloud money platform, Uphold, has partnered with IDFC Bank (NSE: IDFCBANK) to expand its services into India. Uphold users can now create a 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.

“IDFC Bank intends to simplify any form of transaction through digital innovation,” said Dr. Rajiv Lall, founder, MD and 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 of 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.”

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“Our partnership allows Uphold to bring more affordable, accessible and innovative solutions to the 1.2 billion people of India who rely on money transfers as part of their daily financial lives,” said Mr. J. Mehta, Executive Director at Uphold. “Uphold’s cloud-based platform also empowers those sending money better options, including free forex for currency conversions, and peace of mind that they can send any value at any time, safe, secure and instantly.”

The startup has traditionally provided bitcoin storage and payments to users, allowing them to hedge against bitcoin’s volatility by pegging their holdings to fiat currency or precious metals. In October 2015, it changed its name from Bitreserve to Uphold and revamped its branding and website. It now markets itself as the “Internet of Money”, promising a seamless and inclusive financial platform where it’s free to hold, move, convert and transact in any form of currency or commodity.

Earlier this month Uphold announced that it is adding two of the most popular cryptocurrencies, Ethereum and Litecoin, to its service “In an effort to bring our members every conceivable form of currency.”