Neobank Aeldra Announces Cash Gift Envelope Equivalent Feature 'Aeldra Pay'

This Christmas, customers of Aeldra, the U.S. Silicon-valley and Bangalore based Neobank, can share the festive cheer with their loved ones across borders with ‘Aeldra Pay’. This unique service enables Aeldra customers in India to quickly and seamlessly transfer cash gifts in the form of a digital envelope to their loved ones in the U.S., and vice versa.

‘Aeldra Pay’ is the digital version of the cash envelopes we’ve all seen change hands during weddings, birthdays, anniversaries and any other special occasions in India. This zero fee service, available only to Aeldra customers, enables them to enjoy a hassle-free transfer of cash funds through the app anywhere in the world.

“Gifting money to our loved ones in brightly hued, auspicious one-rupee envelopes to commemorate a special occasion, has been an intrinsic part of the Indian culture and celebrations for years. As the world shrinks on account of globalisation, we have more and more loved ones going out into the world and living across geographies making an offering like ‘Aeldra Pay’ more relevant today than ever. Using this feature, Aeldra customers can securely send cash gifts to each other anywhere in the world, that too in real time, anytime!” said Sukeert Shanker, Founder and CEO, Aeldra.

‘Aeldra Pay’ requires no additional formalities either by the sender or the beneficiary. Users can simply identify the accounts of the beneficiaries using their name, e-mail, debit card number or phone number. While the daily limit is $1,000, there is no limit to the frequency of Aeldra Pay transactions in a day.

Since its launch globally as well as in India in late 2020, Neobank Aeldra has been democratising banking through its cross-border offerings. In India, it caters to around 30,000 customers from across over 355 cities.

About Aeldra

(www.aeldra.com): Based in Palo Alto, Aeldra is a pioneering ‘Digital Neobank’, democratizing global banking. Starting with the US-INDIA corridor, it aims to offer borderless banking to everyone regardless of their nationality. Aeldra’s founder has launched similar banking products previously, including Goldman Sachs' consumer bank, Marcus.