Web 3.0 Crypto wallet service provider MetaMask has announced a partnership with digital payments company Onramp. money, which enables it to use the Indian payments system UPI. It may allow investors to purchase cryptocurrencies using UPI and IMPS, media reports said.
This development may greatly impact how Indian cryptocurrency traders conduct their business. Experts predict it can boost general web 3.0 infrastructure and help new entrants.
In contrast to the previous trading techniques, MetaMask users can now buy cryptocurrencies utilizing regional payment systems like UPI and IMPS (Immediate Payment Service). It can greatly influence cryptocurrency trading in India, which has been hit by the denial of instant payment services through UPI.
Several Indian banks and payment service providers have informally stopped providing their services to cryptocurrency exchanges since April last year. Indian users have been unable to add money in fiat to their cryptocurrency exchange wallets.
Even though the nation has an extremely harsh crypto tax regime, the country’s vast crypto trading community has only been able to use domestic crypto exchanges until now. Integrating MetaMask with UPI will make purchasing and trading cryptocurrencies in India easier and more affordable. The nation’s web 3.0 infrastructure may make rapid strides with the crypto wallet’s support for UPI.
Now, analysts predict that adding UPI will improve traders’ experiences in speed and cost by enabling effective crypto transactions. The UPI payment method brought about a revolutionary shift in the small payment category, which has made rapid advancements in the nation’s digital infrastructure over the past five years. Fast-payments service provider Onramp Money and MetaMask collaborated to launch their payment solutions in India.
