For Bitcoin And Crypto Coin Purchases, UPI Transfer Appearing Back On CoinSwitch
- ByStartupStory | June 14, 2021
The Unified Payment Interface (UPI) payment option now seems to be enabled for the users enabling users to deposit money into their CoinSwitch Account. This happens after weeks of trouble for cryptocurrency trading apps, because of the unavailability of UPI as a money transfer method and limited support from Indian banks. Moreover, Paytm withdrew support from apps including WazirX, Zebpay, and CoinSwitch.
UPI transfer appeared back on CoinSwitch after It made the switch to IDFC Bank for money transfers, banking services support were withdrawn by Paytm. At this time, CoinSwitch offers bank transfer and UPI as methods to add money to the in-app wallet for buying crypto coins. The UPI payment apps that are listed include PhonePe, BHIM Google Pay, and Paytm.
The availability of UPI does make things more convenient for bitcoin users, as compared with bank transfers, which take a while for the transaction chain to be completed as part of the National Electronic Fund Transfer (NEFT), Immediate Payments System (IMPS), and Real-Time Gross Settlements (RTGS) transfers.
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