Onramp Money is a digital platform that allows users to convert their cryptocurrency into Indian Rupees and transfer them to their bank accounts. One of the most popular payment methods in India is UPI (Unified Payment Interface), which is a real-time payment system that allows users to transfer funds from one bank account to another instantly. In this article, we will discuss how to use Onramp Money for UPI transactions.
Step 1: Register on Onramp Money
The first step is to register on the Onramp Money platform. You can sign up for an account by visiting the Onramp Money website and following the registration process. You will need to provide your email address and mobile number to create an account.
Step 2: Add Funds to onramp money
After creating an account, you will need to add funds to your Onramp Money account. To do this, you can transfer cryptocurrency from your wallet to your Onramp Money account. Onramp Money currently supports Bitcoin, Ethereum, and Tether. You can select the cryptocurrency you want to deposit and follow the instructions to transfer the funds to your Onramp Money account.
Step 3: Convert Cryptocurrency to INR
Once you have added funds to your Onramp Money account, you can convert your cryptocurrency into Indian Rupees. To do this, you need to select the cryptocurrency you want to convert and the amount you want to convert. Onramp Money will then provide you with the current exchange rate and the amount of INR you will receive in exchange for your cryptocurrency. If you are satisfied with the exchange rate, you can confirm the transaction.
Step 4: Transfer INR to UPI Account
After converting your cryptocurrency into INR, you can transfer the funds to your UPI account. To do this, you need to select the UPI payment option and provide your UPI ID. Onramp Money will then initiate the transaction, and the funds will be transferred to your UPI account instantly.
Step 5: Withdraw INR to Bank Account
After transferring the funds to your UPI account, you can withdraw the funds to your bank account. To do this, you need to open your UPI app and initiate a transfer to your bank account. The funds will be credited to your bank account instantly.
Conclusion
Onramp Money is a convenient and secure platform that allows users to convert their cryptocurrency into Indian Rupees and transfer them to their UPI accounts. By following the simple steps outlined above, you can easily use Onramp Money for UPI transactions. However, it is essential to note that cryptocurrency prices are highly volatile and can fluctuate rapidly. It is therefore advisable to be cautious and only invest what you can afford to lose.