Bangalore-based crypto exchange. Unocoin has launched INR deposits via UPI wallets for a much quicker top-up. In addition, Unocoin has allowed the payment gateway for selling and buying crypto coins through UPI.
A minimum top-up of Rs.1000 is required to trade on the Unocoin platform. The maximum range that the user can deposit can go up to Rs.2 lakh via UPI mode and Rs.1.5 CR via bank IMPS/UPI/NEFT/RTGS mode.
And during the recharge processes via UPI, the app will share a link via SMS after clicking on ‘submit’. That will help the user to process payments through their respective UPI accounts.
The app also displays the transparent and detailed transaction summary, including the deposited amount alongside the applicable taxes.
“There is still uncertainty amongst the prospective users regarding the usage of cryptocurrency in comparison to real money. We want all our users to have the ease of trading or exchanging on our platform. Through this seamless banking process, we endeavour to make the entire crypto experience more user-centric that offers ease of utilizing the gained currency for shopping and other necessary affairs.”– Sathvik Vishwanath, CEO and Co-Founder
“While there were other modes of banking options available since the app’s inception, UPI payment under INR deposits will add the convenience of instant and hassle-free proceedings,” he added.
Unocoin India’s First Contender in Crypto Industry
Established in 2013, Unocoin claims to be India’s first contender to enter the Bitcoin industry. Operating the country’s huge chunk of BTC-to-INR trading, the company has moved beyond the traditional payments method.
At its peak, Unocoin processed transactions worth more than Rs 2 billion per month for its customer count of more than 14 lakhs.
Last month Unocoin enabled FASTag payment services for its customers. The application will support a top-up starting from a minimum of Rs 100 to a maximum of Rs 10,000. And unlimited transactions through the day while ensuring that there is enough bitcoin in the user account to cover it. Thus, making it a reliable platform and attracting new users.
The INR deposit is the first step towards starting any crypto journey. As per the current scenario, UPI, as a money transfer method to top-up crypto accounts, receives limited support from banks in India. However, the Indian crypto market is rising, and so are new opportunities.