Uphold strikes cross-border payment deal with Yes Bank

Source: Uphold

Uphold, the world’s fastest growing cloud-based financial platform, today enhances its services for India through a partnership with YES BANK, India’s fifth largest private sector bank.

Through YES BANK, Uphold members can easily move funds directly into or out of any Indian bank, with just a few clicks.

“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.

For businesses and consumers, sending money to India just got easier, cheaper and faster. Uphold members can fund their account via bank account (EU, U.S. and China), debit or credit card, then instantly transfer the preferred amount onto an Uphold Rupee card with no conversion fee. When ready to withdraw, they provide specific bank account information and the funds will be deposited and available the same or next day.

“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,” said 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.”

YES BANK is Uphold’s second partnership with the Indian banking system, strengthening its position as leader for cross-border payments to a $72 billion (in 2015) remittance market.

“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.

Uphold’s withdrawal services with YES BANK will be available across India in Q2 2016. Available now, any Uphold member can instantly convert any currency, in any amount of value into Indian Rupee for free.

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