MetaMask integrates UPI and IMPS payment for cheaper and faster transactions
MetaMask collaborated with Onramp.money with expectations that it would be able to provide its customers in India with rapid transaction services.
Onramp.money is a leading supplier of crypto to fiat on-ramp services in India.
the connection will make it possible for users in India to buy cryptocurrencies straight from inside the MetaMask wallet software by using Onramp.money's API which supports local payment methods like UPI and IMPS.
According to Lorenzo Santos a MetaMask product manager, "we have every reason to expect this will play a role in accelerating the adoption of blockchain technology in India."
We’re thrilled to announce that we’re joining forces with @onrampmoney to empower MetaMask users in India
— MetaMask (@MetaMask) February 9, 2023
You can now access UPI and IMPS for cheaper, faster, more efficient payments pic.twitter.com/sYmKZOP0CG
The integration will make it simpler for Indian customers to finance investment on the Ethereum BNB and Polygon chain and use them within DeFi applications in spite of the challenging regulatory structure for crypto assets in India which includes a 30% tax on crypto gains and a 1% tax deducted at source.
The crypto sector in India continues to face obstacles including the need for legislative certainty from the government and the difficulties in locating banking channels for on-ramping.
Related: India Takes a Slow Approach to CBDC Adoption with 50,000 Users in Digital Rupee Pilot
