MetaMask, a web 3.0-based cryptocurrency wallet, recently announced that it would accept bank transfers from Indian users. Unified Payments Interface (UPI), the nation’s leading payment system, will be integrated by the company to provide users rapid access to cryptocurrency trading. MetaMask joined with Onramp.money, an Indian cryptocurrency user-enabled platform, to make this development attainable. Nidhi Bhardwaj has provided this information.
What Is Information Important To Know?
By adopting this, MetaMask users will be able to purchase cryptocurrencies instead of using traditional trading methods, such as UPI and IMPS (Immediate Payment Service). According to the sources with knowledge of the situation, this revelation will have a big influence on cryptocurrency trading in India.
Another challenge affecting the Indian cryptocurrency business is the fact that several banks and payment service providers have stopped offering their services to exchanges that trade cryptocurrencies. Users are unable to add fiat money to their cryptocurrency exchange wallets as a result.
According to reports from the previous year, a variety of Indian banks and payment service providers ceased offering their services to cryptocurrency exchanges, creating challenges for consumers trying to deposit money in their cryptocurrency exchange wallets. Additionally, the country has observed a significant reliance on cryptocurrency traders on local exchanges and is having trouble with taxation regulations for trading cryptocurrencies.
Now, experts believe that the integration of UPI will not only improve traders’ experiences faster but also more cheaply by permitting efficient crypto transactions.
How Do Onramp.money and MetaMask Perceive This?
According to experts, new entrants will gain more from its adoption and can expect improvements in the overall web 3.0 architecture.
Lorenzo Santos, a MetaMask executive, said that “UPI integration was aimed at easing access to Ethereum, Polygon, and BNB networks for Indian users.” This information was obtained from the article of Metamask crypto wallet announcing UPI integration with Onramp.money in India by India Today news magazine.
“We believe this partnership will make it easier for Indian users to access and use decentralised applications, and we look forward to working with MetaMask to drive the adoption of blockchain technology in India,” said Gaurav Dahake, CEO of Onramp.money.
How Will Payments Be Made?
In order to provide Indian MetaMask users more power, MetaMask were announced their partnership with onramp.money.
- Users must choose UPI via the buy button after logging onto the MetaMask app.
- The user must enter the required amount and cryptocurrency.
- After following the previous steps, users must choose the Onramp.money quote.
- There will be a successful Crypto transfer to MetaMask.