ConsenSys built Metamask wallet will partner with Onramp.money to bring UPI and IMPS facilities to Indian customers.
Metamask extending its support to the Indian payment system is quickly becoming the trending news in the crypto industry. It will integrate Onramp.money, a payment platform built by one of the leading Indian crypto exchanges Bitbns.
Onramp will allow Indian users to easily make Rupee to Crypto transactions using their bank accounts via UPI and IMPS payment gateways.
Earlier, users from India has to deposit fiat (Indian Rupee) to Indian crypto exchanges like WazirX to convert fiat to crypto and then transfer it over to their MetaMask wallets. The problem was the minimal banking support for these exchanges which caused frustrations and time delays.
The integration has cut down the middleman i.e exchanges and now it’s empowering users to buy/sell cryptos seamlessly on the Metamask wallet app.
As per the payment gateways, UPI and IMPS are already leading the race and accounting for billions of transactions per month.
Despite the bear market and unfriendly crypto laws, India accounts for the highest number of wallet users in the world. Crypto taxation was already introduced by the government of India last year, imposing 30% tax on capital gains and 1% TDS on every crypto transaction.
The high taxation made the Indian users shift to foreign exchanges like Binance to avoid 1% TDS to save more on capital gains. This integration is forecasted to bring more engagement to the Metamask supported decentralized applications.
Moreover, the digital push by the Indian government after demonetization has boosted the digital payment channels, especially UPI which is considered to be a better alternative to Apple Pay.
In order to fund MetaMask wallet with Onramp.money, users much create an account on the MetaMask wallet app (Available on Android & iPhone) and click the buy button to select UPI or IMPS payment methods.
Enter the number of tokens to be purchased and select Onramp.money quote to proceed with the transaction.
For now, the support is provided on Ethereum, Polygon and BNB chains.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.