India’s cryptocurrency traders finally have a reason for glee. Web 3.0 wallet provider MetaMask has announced that it will now accept bank transfers via the Unified Payments Interface (UPI). MetaMask has partnered with Onramp.money to enable instant transactions for crypto users in India, making it easier and cheaper to purchase cryptocurrencies.
This development is a game-changer for Indian users who were previously hindered by the reluctance of banks and payment service providers to offer their services to crypto exchanges. By enabling users to purchase cryptocurrencies through UPI and IMPS, MetaMask is offering an alternative to traditional trading methods and creating a more inclusive platform for crypto enthusiasts.
The partnership between MetaMask and Onramp.money is expected to significantly impact the Indian crypto industry, which has faced numerous challenges in recent years. The country’s heavy reliance on local exchanges and complicated taxation policies have made it difficult for traders to access and use decentralized applications. The adoption of UPI is a step in the right direction, making traders’ experience faster and cheaper while facilitating efficient crypto transactions.
Experts believe this move will benefit new entrants to the crypto industry the most, as it paves the way for advancements in the overall web 3.0 infrastructure. Lorenzo Santos, a MetaMask executive, said that the UPI integration aimed to ease access to Ethereum, Polygon, and BNB networks for Indian users. Gaurav Dahake, CEO of Onramp.money, expressed excitement about the partnership and believes it will drive blockchain technology adoption in India.
To make payments via UPI, users need to follow a few simple steps. After logging into the MetaMask app, they can select UPI via the buy button and enter the required amount and cryptocurrency. Users must then select the quote from Onramp.money to complete the transaction.
This development is an exciting milestone for the Indian crypto industry, which has struggled to gain a foothold despite numerous obstacles. MetaMask’s adoption of UPI will not only make trading more accessible and cheaper, it will also pave the way for more innovation and growth in the crypto space. As India’s crypto traders eagerly await the integration, the future of crypto in India looks bright.