The term “cryptocurrency” refers to a digital form, also known as a digital currency protected by cryptography, making it virtually impossible to duplicate-spend or counterfeit. Many cryptocurrency networks are decentralized based on blockchain technology; which is a distributed ledger that is enforced by a diverse computer network. The most notable characteristic of cryptocurrencies is that they’re generally not issued by a central authority; making them theoretically unaffected by manipulation or interference by the government. In this blog, we will tell you about the payment methods used to buy bitcoin and other cryptocurrencies.
Payment Methods Used to Buy Bitcoin and Other Cryptocurrencies in India
Making cryptocurrency trades all begins with a single deposit. Regardless of how big or small, the process of buying and selling Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies require you to fund an account with a recognized payment method. Some of the most popular, efficient, and secure cryptocurrency exchange payment methods are described below:
- Payment Through UPI
- Virtual Bank
- Through Debit/Credit Card
- Through Mobikwik Wallet
Payment Through UPI(Unified Payment Interface)
The Unified Payments Interface (UPI) is a system that combines several bank accounts into a single mobile application (of any participating bank), combining different banking services, smooth fund routing, and merchant payments under one hood. It also handles “Peer to Peer” collect requests, scheduled and paid according to need and convenience.
How is it unique?
- Immediate money transfer via mobile device around the clock, 24*7 and 365 days
- A single mobile app for accessing multiple bank accounts.
- Single Click 2 Factor Authentication – Complies with regulatory guidelines while providing a powerful, seamless single click payment feature.
- Seamless transactions with QR (Quick Response) Code
Steps to be followed for making Payment via UPI for buying Bitcoin or other cryptocurrencies:
- Click on Wallet and click the Add INR button.
- Available Payment Methods are Bank Transfer and UPI
- Add your UPI ID Address and get it verified instantly
- Select the UPI option from the left-hand menu.
- A request of payment will be send to respective UPI App ( Google Pay, Phonepe,etc )
- Once payment is complete; you will be redirected; otherwise, you can check the Payment Status by clicking the “Check Payment Status” link below the UPI address.
- Note: A gateway fees just INR 3.54 is levied on every transaction
Virtual Bank Account
A virtual bank account is a type of bank account that is only available online. The majority of transactions with a virtual bank account take place over the Internet.
Checking accounts, savings accounts, certificates of deposit, money market accounts, and other types of bank accounts can all be virtual. BuyUcoin has partnered with Yes Bank to provide the facility of a Virtual account. Internet is typically being used by users to check their account balance, transfer funds, and perform other routine transactions. Some virtual bank accounts provide online bill payment services; thus eliminating the need for physical checks to be written and mailed while paying bills.
These are 3 parts of Virtual Bank Accounts
- IMPS
- RTGS
- NEFT
To make a deposit via virtual bank transfer, follow these steps:
- Click on Wallet and click the Add INR button.
- Choose the option of Bank
- A unique virtual account is created powered by Yes Bank.
- Copy the virtual account details and add that to your UPI application by adding a new account.
- Bingo!!! Your unique virtual account is now live.
- Add/Transfer any amount ( more than INR 20 ) in your UPI application in the virtual account created. And that will immediately reflect back to your wallet.
- Note: A gateway fees of just INR 3.54 on every transaction
How secure are payments through virtual bank accounts?
A significant advantage of virtual banking is that, when it comes to accessing your accounts securely, most digital-only banks are far ahead of traditional banks. Most virtual banks combine fingerprint scanning, facial recognition, or two-factor authentication – in addition to the traditional PIN method.
