See More

MetaMask Simplifies Crypto Purchases for Indian Users With Instant Transaction Service

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • MetaMask partners with Onramp.money to give instant transaction access to Indian users.
  • Over 260 million people use the UPI facility in India.
  • The community is concerned about regulatory challenges surrounding crypto.
  • promo

MetaMask has partnered with Onramp.money to make crypto purchases seamless for Indian users in a challenge to centralized exchanges.

One of the most common pain points of the decentralized system is the difficulty in onboarding of new users. Hence, beginners prefer centralized exchanges that facilitate easy on-ramping of fiat through bank accounts.

Today, MetaMask announced a partnership with Onramp.money which aims to ease the pain for users in India. Onramp.money is a platform that provides instant transaction services for crypto users.

MetaMask to Allow Crypto Purchases Through UPI 

As the competition rises around non-custody solutions, MetaMask is focused on improvising its existing features to retain its crown. As a result of this partnership, users can load their MetaMask wallets directly from their bank accounts through Unified Payment Interface (UPI)

The UPI system enables instant peer-to-peer and peer-to-merchant real-time transactions. It has achieved large-scale adoption as users can make payments via QR code or UPI ID using mobile devices. According to an Economic Times report, more than 260 million people use UPI in India.

Gaurav Dahake, the Chief Executive Officer of Onramp.money, says: “We are thrilled to partner with MetaMask to provide access to users from India and access to digital assets in a decentralized way. We believe this partnership will make it easier for Indian users to access and use decentralized applications, and we look forward to working with MetaMask to drive the adoption of blockchain technology in India.”

MetaMask’s competitor, Exodus, has also hinted at enhancing the fiat onboarding experience. Is it the milestone pointing towards the seamless decentralized experience?

Regulatory Concerns in India 

The Indian government has maintained a strict anti-crypto stance. The government imposes a flat 30% tax on crypto gains and a 1% Tax Deduction at Source (TDS) when users sell their crypto.

Citizens may face jail time of up to six months for failing to pay the TDS. The centralized exchanges have facilitated collecting TDS from users and filing it to the government. But, the crypto community is clueless about paying the TDS on MetaMask transactions.

Got something to say about MetaMask or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored