October , 2021 India: Unocoin, India’s first entrant into crypto space launches INR deposits via UPI wallets for a faster top-up. From buying F&B vouchers to supporting toll deductions, Unocoin has been enabling a well-structured and streamlined payment gateway for buying and selling crypto coins.
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. For quicker & easy top-ups and minimum transactional costs to buy 40+ cryptocurrencies on the platform, the company has introduced these convenient features in the app wallet.
To trade on the Unocoin platform, a minimum top-up of INR 1000 is required. The maximum that the user can deposit can range up to INR 2 Lakh via UPI mode and INR 1.5 CR via bank IMPS/UPI/NEFT/RTGS mode. The app also displays the transparent and detailed transaction summary including the amount deposited along with the applicable taxes. During the recharge process through UPI account, on clicking on ‘submit’, the app will share a link via SMS that will help the user make the payment via UPI ID. One can also directly go to the UPI app to make the payment.
For INR deposit, an accessible option is made available on the home screen that directs the user to various available bank transaction modes. These include IMPS/UPI, Bank NEFT/RTGS and UPI payment. To deposit INR via UPI mode, one needs to click on the UPI payment button. After this, the user can select any of the UPI IDs from the dropdown and enter the amount in INR that they wish to deposit.
Commenting on the new inclusions, Mr Sathvik Vishwanath, CEO & Co-Founder said, “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. 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.”
“We want to incentivize our customers by giving them a convenient mode of cryptocurrency banking and investment medium. To ensure implementation of customer redressed mechanisms, authentication will be imperative in the entire crypto banking procedure,” he adds
About Unocoin:Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 1,300,000+ customers.
The startup has been featured among the Top 20 companies in The Fintech20: India list and have won prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory.