Users can make international payments without any expensive transaction fees of up to 8%
Pune: Venlo, a neo-banking platform, has launched a UPI-powered app to provide a faster and effortless 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.
“I believe that the 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 neobank in 2021 with an aim to disrupt cross-border payments and create a borderless banking mechanism across countries through UPI (unified payment interface).
Venlo is backed by early stage accelerator fund 9Unicorns. It is currently live around the world for top-ups using debit/ credit cards, 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.
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.
Powered with UPI and seamless card integration, Venlo makes it easy to top up the USD wallet via debit card, credit card, or ACH from a US bank account. Once the wallet is loaded, users can seamlessly send money to another USD wallet in India or spend locally using UPI.
