Crypto App Supports UPI

Which Crypto App Supports UPI?

September 26, 2022 12:56 PM

Crypto App Supports UPI

NPCI stated that they do not know of any Indian crypto exchange that offers UPI to purchase cryptocurrencies, but we have found some that offer this option." Regarding recent media reports about the purchase of cryptocurrency using UPI," the National Payments Corporation of India stated.

After so much analysis, we have discovered that at least four Indian crypto exchanges -- Unocoin, CoinDCX, CoinSwitch Kuber, and Coinbase -- offer UPI to their customers, while WazirX recently stopped offering this option. The Crypto app supports UPI in various forms.

Currently, there are very few payment processors that provide UPI access. It continues to work. "Our users have the option to purchase using UPI deposits," Sathvik Vishwanath (founder and CEO of Unocoin crypto-exchange) told Business Today.

Coinbase has begun to support UPI and IMPS payments in India. This will allow its crypto exchange to be broadly operational in India's second-largest market, the first time it has done so in many years.

Many users noticed that the largest crypto exchange in India was now offering new payment options. However, the scale of the rollout still needs to be discovered. UPI is a payment infrastructure built by a group of retail banks. It is one of the most popular and convenient ways Indians can transact digitally. At present, you will find several crypto app development companies.

Coinbase did not respond immediately to a request for comment but acknowledged the change on a support page. It has since been removed. It is unclear which Indian bank Coinbase is associated with. Coinbase has partnered to support IMPS and UPI payments. Under pressure from the Indian central bank's Reserve Bank of India, banks have mostly avoided engaging with crypto companies. Coinbase has become the most popular crypto coin in India.

Although the firm is present in over 100 markets, it has been offering its crypto exchange app in India for many years. However, its inability to accept any payment method severely limited its utility for Indian users. The Coinbase Wallet has been available in India for many years.

Coinbase, however, has been active in India through investments. The venture arm of the firm has backed CoinSwitch Kuber and CoinDCX. These are two of India's most well-known cryptocurrency exchanges. Last year, the firm purchased Agara, an AI-powered customer service platform in India. It has also supported the Router Protocol, which is a cross-chain infrastructure startup.

Coinbase has been expanding its India team over the past year, and Pankaj Gupta, a former executive at Google Pay, was hired to a key position. Binance, Coinbase's rival, is also very well-known. According to App Annie, the firm acquired WazirX in India, which has more than 5 million monthly users. It is particularly popular with tech-savvy customers.

At a Bengaluru event on Thursday, Coinbase, a cryptocurrency exchange, announced that its trading platform will be available to Indian retail traders. Customers will also be able to purchase cryptos via the exchange using UPI. Along with that,blockchain solutions are also provided.

Some crypto investors recently took to Twitter to share their experiences buying cryptocurrencies via UPI through the Coinbase platform.

BT verified that CoinSwitch Kuber also had UPI available in their app. The UPI function was unavailable when the team attempted to add money to CoinSwitch Kuber's wallet.

We also requested confirmation from other Indian crypto exchanges. NPCI has been asked for comment to confirm that at least four Indian crypto exchanges allow UPI payments for cryptocurrencies. If and when they reply, the story will be updated. For more such updates, you can reach us. You can also connect to us on our website as well. If you have any queries, please feel free to drop in.

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