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Metamask crypto wallet announces UPI integration with Onramp.money in India
Metamask expanded its payment options to UPI for the Indian user base. Experts consider this a significant move for easy crypto trading in the country.
In Short
Crypto trading in India will be cheaper and faster after UPI integration, said experts
Metamask and Onramp.money join hands for the crypto payment expansion
Speculations reveal, new entrants will be benefited from the announcement
By Nidhi Bhardwaj: The Web 3.0 wallet provider MetaMask has recently announced that it will accept bank transfers for Indian users. The company has planned to integrate the nation's flagship payments technology, Unified Payments Interface(UPI) to provide users with immediate access to trade cryptocurrencies. To facilitate this development, MetaMask joined hands with Onramp.money, a platform that enables instant transactions for crypto users in India.
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What is important to know?
After this move, users of MetaMask will be able to purchase cryptocurrencies using local payment systems like UPI and IMPS (Immediate Payment Service), as compared to the old trading methods. According to the sources familiar with the matter, they speculate this announcement will have a significant impact on crypto trading in India.
The Indian crypto industry is facing yet another challenge as many Indian banks and payment service providers have halted their services to crypto exchanges. As a result, users have been unable to make fiat deposits to their crypto-exchange wallets.
As per the reports from the previous year, several Indian banks and payment service providers stopped providing their services to cryptocurrency exchanges, which posed obstacles to users while adding money to their cryptocurrency exchange wallets. Moreover, the country has noticed a heavy reliance of crypto traders on the local exchanges, along with facing difficulties in taxation policies for trading cryptocurrencies.
Now, this inclusion of UPI will not only make the experience of traders faster but cheaper as well, by facilitating efficient crypto transactions, experts believe.
How do MetaMask and Onramp.money perceive this?
Experts are of the view that new entrants will benefit more from its adoption, and expect advancement in the overall web 3.0 infrastructure.
Lorenzo Santos, a MetaMask executive, said that, “UPI integration was aimed at easing access to Ethereum, Polygon, and BNB networks for Indian users.”
“We believe this partnership will make it easier for Indian users to access and use decentralised applications, and we look forward to working with MetaMask to drive the adoption of blockchain technology in India,” said Gaurav Dahake, CEO of Onramp.money.
How will payments take place?
We’re thrilled to announce that we’re joining forces with @onrampmoney to empower MetaMask 🦊 users in India 🇮🇳 You can now access UPI and IMPS for cheaper, faster, more efficient payments ⚡💪👇 pic.twitter.com/sYmKZOP0CG— MetaMask 🦊💙 (@MetaMask) February 9, 2023
Before finally making payments with UPI, users need to keep a few things in mind.
After logging in to MetaMask app, users need to select UPI via the buy button.
The user will be required to enter the required amount and cryptocurrency.
After following the above steps, users will have to select the quote from Onramp.money.
The Crypto transfer to Metamask will be successful.
MetaMask is a private crypto wallet used for storing and swapping cryptocurrencies and NFTs. It comes in two versions which are browser extension and mobile application. Its fundamental purpose is to access Ethereum-enabled applications. It also helps the user in creating and managing identities of their own so that a secure interface is provided to the user to review the transaction whenever Dapp is performing a transaction and writing to the blockchain. It also helps you by warning you whenever you are about to access a site that is related to phishing.
In this blog, we are going to give you in detail knowledge about how to sync two versions of MetaMask with each other means how to sync the MetaMask mobile app with the MetaMask chrome extension.
Things that you must have before executing the above-mentioned process:
MetaMask chrome extension and its mobile app installed on your phone: You need to have both of them before you start the process of synchronizing them and it will be better if you have done the MetaMask login on both of them.
Your secret recovery phrases: To sync the two wallets associated with the two different versions of MetaMask you will need to have the Secret recovery phrase for both of them.
In case, you do not have the secret recovery phrase for the mobile app you can follow the following steps to recover it:
Do the MetaMask login and go to settings from the menu of the mobile app.
Select “Reveal recovery phrase” from the Security and Privacy section.
Enter your password to complete the verification.
Now let us begin with the process of synchronization
The steps for the same are as follows:
Initially, you will need to install the extension and activate it.
Tap on getting started.
Tap on Import wallet.
Now, select either “No thanks” or “I agree” on whether you want to share your data or not.
Refer to and enter your 12-word secret recovery phrase and make sure that there are spaces between the words. Then, assign a password for the app and click Import.
Tap all done and you are done with the process.
Conclusion
In this blog, we have tried to give our best to give you specifically in detail guidance on how to synchronize MetaMask mobile app to the Chrome extension along with the essentials required for executing the process and here the point to remember is that ideally you should do the MetaMask login on both the versions before you implement the given process. We hope this was a helpful and significant blog for you.
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