MetaMask has partnered with Onramp.money to make crypto purchases seamless for Indian users in a challenge to centralized exchanges.
One of the most common pain points of the decentralized system is the difficulty in onboarding of new users. Hence, beginners prefer centralized exchanges that facilitate easy on-ramping of fiat through bank accounts.
Today, MetaMask announced a partnership with Onramp.money which aims to ease the pain for users in India. Onramp.money is a platform that provides instant transaction services for crypto users.
As the competition rises around non-custody solutions, MetaMask is focused on improvising its existing features to retain its crown. As a result of this partnership, users can load their MetaMask wallets directly from their bank accounts through Unified Payment Interface (UPI)
The UPI system enables instant peer-to-peer and peer-to-merchant real-time transactions. It has achieved large-scale adoption as users can make payments via QR code or UPI ID using mobile devices. According to an Economic Times report, more than 260 million people use UPI in India.
Gaurav Dahake, the Chief Executive Officer of Onramp.money, says: “We are thrilled to partner with MetaMask to provide access to users from India and access to digital assets in a decentralized way. We believe this partnership will make it easier for Indian users to access and use decentralized applications, and we look forward to working with MetaMask to drive the adoption of blockchain technology in India.”
MetaMask’s competitor, Exodus, has also hinted at enhancing the fiat onboarding experience. Is it the milestone pointing towards the seamless decentralized experience?
Regulatory Concerns in India
The Indian government has maintained a strict anti-crypto stance. The government imposes a flat 30% tax on crypto gains and a 1% Tax Deduction at Source (TDS) when users sell their crypto.
Citizens may face jail time of up to six months for failing to pay the TDS. The centralized exchanges have facilitated collecting TDS from users and filing it to the government. But, the crypto community is clueless about paying the TDS on MetaMask transactions.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.