Alchemy Pay now supports India’s UPI domestic transfer payments for crypto purchases in India.
By enabling users to pay by Unified Payments Interface, India’s domestic transfer system, it is possible for Indian bank account holders “to buy and sell cryptocurrency with the Indian rupee.”
As a global payment gateway provider, Alchemy Pay is reportedly able “to process transactions as domestic, and enable Indians to buy crypto for a minimum purchase value of 1250 INR.”
Unified Payments Interface (UPI) is the widely-used instant real-time payment system developed by National Payments Corporation of India.
The interface “facilitates inter-bank peer-to-peer and person-to-merchant transactions.”
As explained in a blog post, It is used “on mobile devices to instantly transfer funds between two bank accounts.”
India’s digital payment system, UPI reportedly “achieved has grown quickly and did $7.3 billion in transaction in October 2022.”
It is steadily “becoming globally attractive amid measures to enable seamless cross-border transactions.” This lowers “the cost of fund transfers and remittance payments.”
For example, residents in Singapore and India will now be “able to transfer money instantly to each other via UPI and PayNow as the peer-to-peer payment systems have become linked.”
Alchemy Pay supports “these kinds of payment systems, and provides a crucial payments bridge between fiat networks and crypto networks around the globe.”
The Singapore-based payment provider “produces a fiat-crypto on-ramp plugin that is now being used by many wallets, DeFi, gaming and NFT marketplaces, as well as exchanges like OKX and LBank.”
Alchemy Pay specialises “in highly popular regional payment methods in emerging markets such as Pix, SPEI, GCash, Dana, OVO, PayNow. Global methods such as Visa, Mastercard, Google Pay and Apple Pay are also supported.”
Simplifying the onboarding process is crucial “for the widespread adoption of cryptocurrencies and by enabling local payment options, Alchemy Pay makes the adoption by a growing number of users possible.”