Is It Possible To Buy Bitcoin In India With Google Pay, Paytm And Amazon Pay

March 20, 2020   (0)   Shailesh Panwar

Cryptocurrencies are digital assets that are considered to be an innovation in the field of technology. They are introduced to work beyond the control of the government and central authorities. People all around the world have shown interest in the crypto world. Bitcoin was the first cryptocurrency which was invented by pseudo-anonymous creator Satoshi Nakamoto in 2008. Many countries since then have realized the potential in the borderless and permissionless digital asset and have regulated it to ensure a blossoming fintech industry along with the security of investors. While many other countries, even though haven’t really legalized it, but also haven’t banned its use. One such country is India, where earlier the central banks prohibited other banks from offering their service to crypto operators, because of which Indian traders had access to limited platforms to buy/sell crypto and that too they had to first buy USDT (stable coin) and then buy Bitcoin using them, instead of direct transaction in national fiat INR. This made the process quite complicated. However, the central bank decision was recently quashed by the supreme court of India, which allowed crypto service providers and investors to directly buy Bitcoin using INR. The decision opened the gates for Indian investors to easily and directly deal in crypto. In this article, I will talk about how you can buy Bitcoin in India with the help of several payment platforms like Google Pay, Amazon and many others.

How To Buy Bitcoin In India With Google Pay, Paytm and Amazon Pay

 

1. Buying Bitcoin In India With Google Pay 

 

Google Pay

 

Purchasing Bitcoin in India with Google Pay is relatively simple. We will use WazirX as an example of the exchange to understand the process better.

Setting Up Exchange Wallet

 

  • First, you will have to create an account with the exchange and complete the KYC process.
  • Link your bank account to the exchange wallet so that you can directly deposit INR.
  • Once your bank account is linked, Go to “Funds” > Click on Deposit tab.
  • You will see multiple options including UPI, NEFT, IMPS and RTGS.
  • Click on UPI option > Copy the UPI ID of the exchange.

 

Deposit Money to Exchange Using Google Pay

 

  • Open Google Pay on your phone and enter the UPI ID you copied.
  • Send the desired amount to the UPI ID you want to deposit and copy your 12-digit transaction ID.
  • Come back to WazirX application and enter the deposit details, including the transaction ID and the amount you have sent to the ID.
  • The platform takes up to 1 business day, and it will be reflected in your “Funds” once confirmed.
  • Now you can buy Bitcoin with the same deposited INR.

2. Buying Bitcoin In India With Paytm

 

Paytm

 

Paytm is one of the most popular online payment platforms in India and thus used by a majority of the Indian population. Thus, buying Bitcoin using Paytm is one of the most searched option these days. If you want to buy Bitcoin using Paytm you need to have an account on an exchange and the process of creating an exchange wallet will remain as above. Now follow the following steps to deposit money to your exchange wallet using Paytm.

Deposit Money to Exchange Using Paytm

 

  • Open Paytm on your phone and enter the UPI ID you copied.
  • Send the desired amount to the UPI ID you want to deposit and copy your 12-digit transaction ID.
  • Come back to WazirX application, and enter the deposit details, including the transaction ID and the amount you have sent to the ID.
  • The platform takes up to 1 business day and it will be reflected in your “Funds” once confirmed.
  • Now you can buy Bitcoin with the same deposited INR.

3. Buying Bitcoin In India With Amazon Pay 

 

Amazon Pay

 

Amazon Pay is a UPI payment platform which is gradually gaining traction in India. It is not so much used just like Google Pay and Paytm. Here, I am providing steps to deposit money to your exchange wallet using Amazon Pay.

Deposit Money to Exchange Using Amazon Pay

 

  • Open Amazon Pay on your phone and enter the UPI ID you copied.
  • Send the desired amount to the UPI ID you want to deposit and copy your 12-digit transaction ID.
  • Come back to WazirX application and enter the deposit details, including the transaction ID and the amount you have sent to the ID.
  • The platform takes up to 1 business day, and it will be reflected in your “Funds” once confirmed.
  • Now you can buy Bitcoin with the same deposited INR.

Final Words

 

Buy Bitcoin In India With Google Pay, Paytm And Amazon Pay

 

In this guide, I have explained how an individual could buy Bitcoin in India with UPI payments like Google Pay, Paytm and Amazon pay. Google Pay is the top choice on the list. Amazon Pay is not so popular as a UPI payment platform. All popular cryptocurrency exchange platforms operating in India accept the use of them. Buying Bitcoin in India from crypto exchange platforms also requires KYC-related documents like PAN card, Aadhar card and others. This is a necessary step because cryptocurrencies had been used in several financial crimes such as money laundering, theft, terrorist financing etc. There are still lots of regulations and checks that have to be put on the use of cryptocurrencies in India. Finally, I could say that Bitcoin and other cryptocurrencies have to gain more adoption in India so that more and more people from the country could purchase them in the future.
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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.