Transak launches UPI integration for Web3 apps to support fiat-to-crypto deposits and withdrawals
Transak’s on-ramp infrastructure is integrated with fiat payment methods around the globe, which could be used to make crypto purchases, the startup said, adding that no direct banking partnerships are necessary to enable such transactions at the moment.
Transak — the UK-based integration service for Web3 apps to support fiat-to-crypto deposits and withdrawals — announced the launch of its full suite of services in India, with the rollout of UPI payment integration on platforms like Metamask, Ledger, Decentraland, WazirX NFT, Terra Station, Anchor, BitYard, and Hiro.
Founded by Sami Start and Yeshu Agarwal in 2019, Transak enables Web3 applications to onboard users from fiat to crypto, delivered directly to the user’s wallet. In January 2022, Transak claimed it reach an all-time high of $71 million in volume.
Sami Start, Co-founder, Transak, told The Decrypting Story:
"Transak’s on-ramp infrastructure is integrated with fiat payment methods around the globe, which could further be used to make the purchase. No direct banking partnerships are necessary to enable such transactions at the moment. Transak users will be able to buy crypto using bank transfers, debit/credit cards, wallets, UPI, and various payment applications worldwide."
He added, "Compliance has always been a key element of everything that we do at Transak, and we will adhere to and keenly follow guidelines as and when they develop in India."
Sami also believes with the world’s second-largest population, the Indian market has both the opportunity and will to fast-track the future with Web3 developments by way of mass adoption.
Yeshu Agarwal, Co-founder, Transak, added, "India has always been a priority market for us, and we have had the fortune to work with some of the biggest Web3 innovators in India. We are looking to solidify our India presence tremendously by expanding both our partnerships and India team with 150+ open positions across different functions.”
Arjun Kalsy, VP of Growth at Polygon, added, “Web3 developers still struggle with adoption as currently, the onboarding requires existing cryptocurrency in users' wallets and complicated fiat to crypto transactions. Transak's on-ramp infrastructure effectively solves this. We are excited for their India launch and UPI integration."
Edited by Suman Singh