IDFC Bank is partnering with Uphold, a cloud-based financial platform, for easy inward remittances to India. Uphold users in the US and UK will be able to send money or make payments instantly to anyone in India, redeemable directly through any Indian bank. Rajiv Lall, founder and CEO of the bank, said the bank believes that the digital money ecosystem should be available to everyone, across geographies and customer segments. According to Anthony Watson, president and CEO of Uphold, the company is 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.
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