Venlo launches UPI-powered app for cross-border payments
Venlo, a neo-banking system, released a UPI-powered app to offer a quicker cross-border payment experience to users. The app enables users, including ex-pats and immigrants traveling to India, freelancers, tourists, and small businesses, to share and spend in their respective currencies without maintaining multiple accounts, wallets or payment apps across the world. It is a UPI-backed wallet that allows users to have multi-currency bank accounts and spend locally in India.
“Cross-border payments still have to undergo massive disruptions. In today’s world of technology, making payments in a foreign country should be seamless and commission free. There is a need for one global app that solves almost all cross-border payment woes,” Kushal Prakash who founded the Pune headquartered neo bank in 2021 with an aim to disrupt cross-border payments and create a borderless banking mechanism across countries through UPI (unified payment interface).
With Venlo, users would be able to send money to India, freelancers can receive payments without commissions and international travelers will be able to spend like locals, and families can send personal remittances at live rates. Venlo is backed by early-stage accelerator fund 9Unicorns. It is currently live around the world for top-ups using debit and credit cards, while ACH transfers are enabled for US-based bank accounts only. The app will soon enable bank accounts for countries like Singapore, the UK and UAE that have large Indian population
Users can transfer funds to a Venlo account from anywhere in the world, transfer them to a local bank account in India, or use UPI to scan and pay. “Imagine a world where sharing and spending money across borders is as easy as sending a text message or just scanning a QR code to pay. This is what we, an embedded fintech, at Venlo are enabling,” Kushal added. Venlo solves major payment-related obstacles such as high forex markups, uncertainty about how much cash to carry, and the inability to use UPI to pay for local transportation or purchases. Venlo aims to revolutionize the way people send money to their families and friends abroad, pay remote talent or spend money locally during trips to India.
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