MetaMask to be integrated with Indian payments platform Onramp.money

ConsenSys is integrating the non-custodial crypto wallet MetaMask with India’s Onramp.money platform, which operates atop the local Bitcoin exchange Bitbns.

Learn more about our partnership here👇https://t.co/sf4N6GZQDe

— MetaMask 🦊💙 (@MetaMask) February 9, 2023

The service offers a ‘simple and accessible’ solution for converting fiat into digital assets.

“Users in India will now be able to buy cryptocurrency directly in the MetaMask mobile app, using the platform’s API, which supports various local payment methods such as UPI and IMPS, making the process more convenient, cheaper, faster and more efficient,” the company said.

ConsenSys noted that India’s cryptocurrency market is showing significant growth thanks to the emergence of more exchanges and other platforms.

However, the company believes that the process of buying and selling digital assets could be improved by real-time payments infrastructure. The new MetaMask partnership is meant to address this.

“We are pleased to collaborate with Onramp.money to provide instant-transaction services to our users in India. This integration will ease Indian users’ access to the Ethereum, Polygon and BNB networks and their use of dapps,” said MetaMask Product Manager Lorenzo Santos.

On July 1, 2022, the Indian authorities’ decision to levy a 30% tax on profits from cryptocurrency transactions and a 1% tax under the TDS regime came into force. Trading volume on the country’s leading Bitcoin exchanges plunged sharply.

In August, the Enforcement Directorate of the Indian Ministry of Finance began investigating one of the country’s largest crypto trading platforms WazirX, which it suspected of laundering more than $350 million. In October, the exchange cut its staff by about 40%.

In January 2023, RBI Governor Shaktikanta Das likened cryptocurrencies to gambling and called for a complete ban on them.

Earlier in December, ConsenSys announced integration in MetaMask of the option to buy digital assets through PayPal’s electronic payments app.