Alchemy Pay Supports UPI Transfer Payment in Bank of India

04/26/2023 10:15 • Blockchain Briefs • 78 views

It is reported that Alchemy Pay newly supports UPI transfer payment in Bank of India. The account holder can make payment through the unified payment interface of Indian domestic transfer system, and can use Indian rupee to buy and sell cryptocurrencies, with a minimum limit of 1250 rupees.

Alchemy Pay added support for UPI transfer payment in India

Cryptocurrencies have become increasingly popular in recent years, with more and more people looking to invest in them as a way to diversify their portfolio. However, buying and selling cryptocurrencies has not always been easy, especially for those living in countries where regulatory restrictions make it difficult to access digital assets. That’s why Alchemy Pay’s latest move to support UPI transfer payment in Bank of India is such exciting news for crypto enthusiasts in the country.

What is Alchemy Pay?

Before we dive into the details of Alchemy Pay’s new feature, it’s important to understand what Alchemy Pay is and what it offers. In simple terms, Alchemy Pay is a digital asset payment gateway that allows merchants to accept cryptocurrency payments from customers. It currently supports more than 30 digital assets, making it one of the most versatile payment gateways in the market.

UPI Transfer Payment in Bank of India

The latest development from Alchemy Pay is its support for UPI transfer payment in Bank of India. UPI, or the Unified Payment Interface, is a real-time payment system developed by the National Payments Corporation of India. It allows users to transfer money between bank accounts instantly using a mobile phone.
With Alchemy Pay’s new feature, account holders in Bank of India can now use UPI to make payments for buying and selling cryptocurrencies. The minimum limit for such transactions is 1250 rupees, meaning even small investors can now participate in the crypto market. This move by Alchemy Pay is expected to make it easier for Indian users to access digital assets, which were previously off-limits due to regulatory restrictions.

Benefits of Using UPI Transfer Payment for Cryptocurrency Transactions

The use of UPI transfer payment for cryptocurrency transactions brings numerous benefits for both buyers and sellers. Firstly, it provides a fast and convenient way to transfer funds, with transactions being completed in real-time. Additionally, it eliminates the need for intermediaries, such as banks, which means lower transaction fees and faster processing times. Finally, it enhances the security of transactions, as all UPI transactions require user authentication, reducing the risk of fraud and hacking.

Conclusion

The move to support UPI transfer payment in Bank of India is a significant step by Alchemy Pay, which is sure to be welcomed by Indian cryptocurrency enthusiasts. By providing a way to buy and sell digital assets using UPI, Alchemy Pay has opened up new opportunities for investors and traders in the country. With the potential for even more innovations in the future, the crypto market in India is set to grow in the coming years.

FAQs

1. Can I use UPI to buy any cryptocurrency?
Ans: As of now, Alchemy Pay supports more than 30 digital assets on its payment gateway, so you can use UPI to buy and sell those cryptocurrencies.
2. Is it safe to use UPI for cryptocurrency transactions?
Ans: Yes, UPI transactions require user authentication, which enhances the security of the transaction and reduces the risk of fraud.
3. What is the minimum limit for cryptocurrency transactions through UPI?
Ans: The minimum limit for cryptocurrency transactions through UPI is 1250 rupees.
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