UPI emerges as top pick for Bitcoin exchanges in India
The increasing popularity of Unified Payments Interface (UPI) has prompted bitcoin exchanges to adopt and promote this payment option for buying and selling cryptocurrencies.
Bitcoin exchange Zebpay Thursday informed its customers in an email that the UPI option is now open on its platform. “We have now started INR deposits via UPI. You can send money to our registered banks using any of the UPI supported apps like BHIM, GoogleTez, PayTM and PhonePe,” the email said.
Though UPI was always available, it wasn’t promoted on bitcoin exchanges on the assumption that it wouldn’t pick up. “We didn’t really think that UPI would become big… We didn’t promote NEFT and similarly, we didn’t promote UPI. UPI is an option provided by default by your bank or the UPI-enabled app. Whether it is Paytm or GoogleTez, it provides the UPI outgoing transaction option and, hence, you can send it to any bank account and buy anything you want,” said Sathvik Vishwanath, chief executive and co-founder, Unocoin, a cryptocurrency exchange.
Another cryptocurrency exchange Zebpay has a similar story to tell. “Earlier, we were having some issues around the (UPI) functionalities; so it never showed as a payment option on the app. Now, we have the functionality to identify which customer comes from where. In our system, you will see it under IMPS. It can work with all bank apps that are UPI-enabled,” said Nischint Sanghavi, head of exchange at Zebpay, a cryptocurrency exchange.
Subscribe >> Bonaz Capital