Monday, September 25, 2023
Outlook.com
Outlook India
Outlook Business

Venlo Launches UPI-Powered App Cross-Border Payments

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

Venlo Launches UPI-Powered App Cross-Border Payments

Outlook Start-Up Desk

POSTED ON April 11, 2023 5:00 PM

Venlo, a banking platform, has launched a UPI-powered app to provide a 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.

With Venlo, users would be able to send money to India, freelancers can receive payments without having to worry about hefty commissions and international travelers will be able to spend like locals, and families can send personal remittances at live rates, said the company.

“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 of Venlo, Pleo.

Venlo is backed by early-stage accelerator fund 9Unicorns. It is currently live around the world for top-ups using debit or 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 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.

“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.

  • Related Articles

    Prior to this, Celcius Logistics raised Rs 35 crore from investors including Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, Eaglewings Ventures (EVAN) and others

    Celcius Logistics Bags Rs 100 Crore From IvyCap Ventures

    The absence of a prominent leader other than Nykaa in the online space offers Reliance Retail's Tira brand sufficient headroom to position itself as a strong contender in India's burgeoning beauty...

    Is Reliance Retail's Foray Into Beauty Sector Bringing Worry Lines For Nykaa, Sugar Cosmetics?

    The company has already entered into a definitive investment agreement with IFU, a Denmark government-owned fund offering risk capital to companies in developing countries and emerging markets

    Ugro Capital To Raise Rs 340 Crore In Equity Capital