Metamask expanded its payment options to UPI for the Indian user base. Experts consider this a significant move for easy crypto trading in the country.
In Short
- Crypto trading in India will be cheaper and faster after UPI integration, said experts
- Metamask and Onramp.money join hands for the crypto payment expansion
- Speculations reveal, new entrants will be benefited from the announcement
The Web 3.0 wallet provider MetaMask has recently announced that it will accept bank transfers for Indian users. The company has planned to integrate the nation’s flagship payments technology, Unified Payments Interface(UPI) to provide users with immediate access to trade cryptocurrencies. To facilitate this development, MetaMask joined hands with Onramp.money, a platform that enables instant transactions for crypto users in India.
What is important to know?
After this move, users of MetaMask will be able to purchase cryptocurrencies using local payment systems like UPI and IMPS (Immediate Payment Service), as compared to the old trading methods. According to the sources familiar with the matter, they speculate this announcement will have a significant impact on crypto trading in India.
The Indian crypto industry is facing yet another challenge as many Indian banks and payment service providers have halted their services to crypto exchanges. As a result, users have been unable to make fiat deposits to their crypto-exchange wallets.
As per the reports from the previous year, several Indian banks and payment service providers stopped providing their services to cryptocurrency exchanges, which posed obstacles to users while adding money to their cryptocurrency exchange wallets. Moreover, the country has noticed a heavy reliance of crypto traders on the local exchanges, along with facing difficulties in taxation policies for trading cryptocurrencies.
Now, this inclusion of UPI will not only make the experience of traders faster but cheaper as well, by facilitating efficient crypto transactions, experts believe.
How do MetaMask and Onramp.money perceive this?
Experts are of the view that new entrants will benefit more from its adoption, and expect advancement in the overall web 3.0 infrastructure.
Lorenzo Santos, a MetaMask executive, said that, “UPI integration was aimed at easing access to Ethereum, Polygon, and BNB networks for Indian users.”
“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.
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