Cloud money platform, Uphold, is expanding its foothold in India with a partnership with YES BANK, India’s fifth largest private sector bank. Besides being able to move funds directly into or out of any Indian bank, Uphold clients can also fund their accounts via bank account (EU, US and China), debit or credit card, then instantly transfer the amount onto an Uphold Rupee card with no conversion fee.
“YES BANK is proud to partner with Uphold to bring affordable, accessible and innovative solutions for transferring money from 174 countries into India. This proposition will provide great convenience to Uphold’s customers by sending money instantly at any time in a safe and secure environment and is a reinforcement of YES BANK’s commitment to providing a superior banking experience through innovation and digital technologies,” said Arun Agrawal, Group President – International Banking and MNC Relationship Management at YES BANK.
The blockchain 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.
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“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,” added Mr. J. Mehta, Executive Director at Uphold. “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.”
“We are excited to welcome even more ways for the 1.3 billion people of India a better way to manage their money, for free,” says Anthony Watson, President and CEO of Uphold.
Just last week Uphold first entered India – the world’s largest remittance market – via a partnership with IDFC Bank.