Global Indians earning abroad now receive Rupee payments faster through Grey's new service.

Grey.co, a Y Combinator-backed fintech startup, has expanded its services to India, aiming to simplify cross-border payments for the country's vast digital workforce. With a focus on emerging markets, Grey.co is challenging the traditional banking system, particularly in India where international transfers often involve lengthy wait times and hidden fees.

According to Idorenyin Obong, CEO of Grey.co, traditional banks treat international payments as if it's still 1995. In contrast, Grey.co offers a modern approach to money transfer, providing users with actual US, European, and UK bank account details.

One of Grey.co's key features is its ability to send and receive payments to and from over 170 countries. This includes almost instant rupee payouts to individuals earning from international sources, a significant improvement over the typical 3-5 business days and 3-7% hidden fees that most recipients in India currently face.

Grey.co caters to India's burgeoning freelance and remote workforce, which numbers over 15 million freelancers and approximately 3 million remote workers employed by foreign companies. Despite having clients primarily based in the US, UK, Australia, Europe, and South America, many still rely on traditional payment methods with multi-day delays.

Grey.co's services are designed to address this issue, offering instant access to USD, EUR, and GBP accounts alongside local rupee conversions. The platform also supports payouts from 170+ countries, currency exchange services, and virtual USD debit cards.

In addition, Grey.co offers multi-currency accounts, allowing users to manage their finances seamlessly across multiple currencies. Users can sign up immediately on Grey.co, and the platform holds a Money Service Business license from FINTRAC in Canada and FinCEN in the USA, ensuring secure and reliable transactions.

While Grey.co faces competition from other fintech startups and institutions offering fast rupee payouts in India, it stands out due to its focus on the country's digital workforce and its commitment to providing a modern, efficient solution to international money transfers.

India processes over $125 billion in annual remittances, making it the global leader in this area. With Grey.co's entry into the Indian market, the landscape of cross-border payments is set to change, offering a more streamlined and cost-effective solution for India's digital workforce.