Venlo launches UPI-powered app for cross-border payments
By Leandra Monteiro
Venlo, a neo-banking platform, has launched a UPI-powered app to provide a faster cross-border payment experience for users.
The app enables users, including expats 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 through UPI in India.
“I believe that 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,” said Kushal Prakash, founder, Venlo.
Venlo is backed by early-stage accelerator fund 9Unicorns. It is currently live around the world for top-ups using debit/ credit card, while ACH transfers are enabled for US-based bank accounts only. Soon the app will enable bank accounts for countries like Singapore, the UK and UAE that have large Indian populations.
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.
“I became intrigued by UPI technology after returning to India and encountered challenges related to daily activities such as commuting and shopping due to not having a local bank account. 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.
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