Leading crypto-fiat on-ramp service provider Alchemy Pay has announced support for India’s UPI system, enabling users to buy and sell crypto using INR payments.
As India struggles with the uncertainty surrounding its cryptocurrency regulations, Alchemy Pay, a global crypto-fiat payment gateway, is making a bold move to support the country’s growing digital asset market. By introducing support for the Indian Rupee (INR) in local UPI payments, Alchemy Pay aims to facilitate seamless crypto on-ramp solutions for millions of potential users in the region.
Alchemy Pay Empowers India’s Crypto Adoption
Alchemy Pay, a leading global payment gateway provider, has made a significant move in the Indian crypto market by integrating support for Unified Payments Interface (UPI) domestic transfer payments. This innovative step allows Indian bank account holders to seamlessly buy and sell cryptocurrencies using their local currency, the Indian Rupee (INR). By treating transactions as domestic, Alchemy Pay paves the way for Indians to participate in the crypto market, starting with a minimum purchase value of just 1250 INR.
The integration of UPI into Alchemy Pay’s platform is a game-changer for the rapidly growing community of Indian crypto enthusiasts. UPI, developed by the National Payments Corporation of India (NPCI), is a real-time payment system that enables instant inter-bank transactions through mobile platforms.
By offering Indian users the ability to make crypto purchases using their bank accounts via UPI, Alchemy Pay has significantly lowered the barriers to entry, making it easier than ever for millions of potential investors to access the world of cryptocurrencies.
Since its inception seven years ago, India’s Unified Payments Interface (UPI) has revolutionized its cashless payments landscape. With over 260 million users in a population of 1.4 billion, UPI has been a driving force in India’s rapid adoption of digital transactions. This user-friendly and interoperable system has not only facilitated ease of use but also garnered widespread acceptance across the nation. According to Mastercard’s 2022 New Payments Index, 93% of Indian consumers have used emerging cashless payment methods in the past year, making them the most willing adopters in the Asia-Pacific region.
Alchemy Pay Seizes The Opportunity In India’s Burgeoning Crypto Market
In the midst of this digital transformation, Alchemy Pay has identified a golden opportunity to expand its reach and dominate the Indian crypto market. By entering the rapidly growing crypto space of India, Alchemy Pay is set to gather more users on the platform.
UPI has experienced rapid growth, with transactions reaching a staggering $7.3 billion in October 2022. The success of UPI has caught the attention of the global market, as it facilitates seamless cross-border transactions while reducing the cost of fund transfers and remittance payments. A prime example of this is the recent linking of India’s UPI with Singapore’s PayNow, enabling instant money transfers between residents of both countries.
As a supporter of innovative payment systems like UPI, Alchemy Pay plays a vital role in bridging the divide between fiat and crypto networks across the globe. The Singapore-based payment provider offers a fiat-crypto on-ramp plugin, which is now being utilized by a multitude of wallets, DeFi platforms, gaming and NFT marketplaces, as well as exchanges like OKX and LBank.
Alchemy Pay specializes in integrating highly popular regional payment methods in emerging markets such as Pix, SPEI, GCash, Dana, and OVO, along with Singapore’s PayNow. Furthermore, the company also supports global payment methods like Visa, Mastercard, Google Pay, and Apple Pay, catering to a broad audience of users.
On the other hand, the Indian government also recognizes the future potential of crypto as the finance minister is set to introduce a crypto bill by 2023’s end. The IMF has published a paper exploring the potential impact of cryptocurrency on macroeconomic stability. Additionally, the Financial Stability Board (FSB), established by the G-20, has agreed to produce a report focusing on financial stability. Both the IMF and FSB reports will be reviewed during the upcoming G20 Finance Ministers and Central Bank Governors meeting in July.