India’s UPI Merges With Alchemy Pay Supporting Crypto Purchase

• Crypto purchases in India are made easier with Alchemy Pay.
• Reports of FSB and IMF to be reviewed by government authorities.

To empower India’s Crypto Adoption, the global fiat-crypto payment service provider, Alchemy Pay has started supporting India’s Unified Payment Interface (UPI) for all domestic payments and transfers. This enables consumers to buy or sell cryptocurrencies with the Indian rupee for a minimum purchase of INR 1,250.

The most effective and popular UPI services in India are powered by the National Payments Corporation of India (NPCI). Alchemy Pay’s integration with UPI would shake a rapid growth performance among India’s crypto enthusiasts. 

India Enables Crypto Transactions Easier

To support millions of investors accessing cryptocurrencies, Alchemy Pay has made it easier to purchase crypto using UPI for Indians. Digital transactions were acknowledged years ago and are revolutionizing cashless payments across the nation.  The user-friendly system is all set to accumulate users for effective international transactions with lowered transaction charges. 

Furthermore, India’s UPI links to Singapore’s PayNow which bridges instant money transfer between the countries. This provides a fiat-crypto on-ramp plugin that is used by DeFi platforms, the NFT marketplace, and crypto exchanges namely OKX and LBank. 

Whereas, Alchemy Pay plays an efficient role in mapping fiat and crypto networks worldwide. It concentrates on regional payment methods among various markets like GCash, Dana, Pix, and others. Additionally, it broadens the widespread users for global payment methods including Google Pay, Visa, Mastercard, and much more. 

Crypto adoption in India is enabled concerning financial stability. So, the government is yet to introduce crypto bills by the end of the year 2023. Meanwhile, the Financial Stability Board (FSB) agreed to report on the financial stability of India whereas the International Monetary Fund (IMF) has released a paper regarding the potential impact of crypto. However, it is mentioned that the reports will be sooner reviewed by Finance Ministers and Central Bank Governors in the upcoming July meeting.