HomeNEWSAlchemy Pay expands its offering to India, supports bank transfers

Alchemy Pay expands its offering to India, supports bank transfers


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Leading crypto payment provider, Alchemy Pay has now expanded its offering to India. According to its Wednesday blog post, the payment provider is now supporting UPI domestic transfer payments for users willing to make purchases with cryptocurrencies in the country. More so, the development will allow users to buy and sell crypto with Indian rupee through Unified Payments Interface, a domestic transfer system in India.

Worthy of note that Alchemy Pay aims to widen mainstream adoption of cryptocurrencies, particularly in India. According to the firm, it will now process domestic transactions in the country, thereby allowing residents to buy crypto easily. However, the minimum they can buy is 1250 INR.

Over time, the Unified Payments Interface (UPI) has established itself as the leading instant real-time payment framework in India. According to findings, the system fosters inter-bank peer-to-peer and person-to-merchant transactions. Also, it thrives on mobile devices, allowing users to easily send money.

In October 2022, the UPI processed more than $7 billion in transaction, at a very effective cost. The popularity of the payment system began to soar following the increasing demand for a seamless cross-border transactions. Today, residents in both Singapore and India can transfer money to each other without any hitch. This, as reported, is achieved through the existence of UPI.

Alchemy Pay supports UPI and other payment systems in India

In the announcement, Alchemy Pay said it support UPI and a few other payment system thriving in the country. The payment gateway avails a bridge to link both fiat and crypto networks across countries. It is not in doubt that Alchemy Pay has been unrelenting in its quest to drive accessibility to crypto payments. In recent times, it launched its fiat-crypto on-ramp plugin. This solution has gained remarkable patronage from numerous wallets, NFT marketplaces and other DeFi projects.

As part of its commitment to driving crypto payments across the globe, Alchemy Pay recently collaborated Binance Pay and Instpower. According to Binbits, the collaboration was geared towards facilitating the installation of Instpower power bank rental machines. Worthy of note that these machines support crypto payment. The machines will be powered by Alchemy Pay and Binance Pay. Occasioned by this development, customers of Burger King can now make their purchases in crypto.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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