Is It Possible To Buy Altcoins In India With Google Pay, Paytm and Amazon Pay
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Is It Possible To Buy Altcoins In India With Google Pay, Paytm and Amazon Pay

March 21, 2020      Shailesh Panwar

Altcoins are all those digital currencies that are not Bitcoin. The term ‘altcoins’ is a short abbreviation to alternative coins. So, cryptocurrencies such as Ethereum, Monero, XRP etc. are altcoins. All these cryptocurrencies were introduced because Bitcoin was not perfect at all. Altcoins tried to provide better versions or features of Bitcoin. For example, Monero and Dash worked on the privacy aspect, while Litecoin made the transactions faster. Each altcoin has provided a unique feature at its best. Today, more than 1000 altcoins have been operating across the globe. People from countries like India have started adopting these altcoins due to their potential for reaping profits. People from India are looking forward to buying these digital assets through UPI payment platforms like Google Pay, Paytm, Amazon Pay and many more.

Earlier in India, central banks prevented other banks from providing their support to the operators of these digital assets, because of which Indian traders had access to limited platforms to trade altcoins and for that also, the traders had first to purchase USDT (stable coin) and then purchase altcoins with them, instead of direct transaction in the country’s fiat INR. This made the process of crypto trading quite complicated.

However, the supreme court of India recently quashed the decision of the central bank, which allowed investors and crypto service providers to buy altcoins using INR directly. The ruling made it easy for Indian investors to quickly and directly buy and sell cryptocurrencies.

Cryptocurrencies can be bought with the help of UPI payment platforms operating in India. In this article, I am going to reveal how one can buy cryptocuurrencies in India with Google Pay, Paytm and Amazon Pay.

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

 

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1. Buying Altcoins In India With Google Pay

 

Google Pay

 

Google Pay is one of the best UPI payment platforms operating in the country. Purchasing altcoins in India with Google Pay is almost simple. I am going to use WazirX as an example of the exchange to explain the process better.

Setting Up Exchange Wallet

 

  • First, you will have to create an account with the exchange and complete the KYC process.
  • Now, link your bank account to the exchange wallet so that you can directly deposit INR.
  • After successfully linking the bank account, 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 shown in your “Funds” once approved.
  • Now you can buy altcoins with the same deposited INR.

2. Buying Altcoins In India With Paytm

 

Paytm

 

Paytm is a very successful online payment platform in India and thus used by a majority of people in India. Therefore, purchasing cryptocurrencies using Paytm is one of the most sought option these days. If you want to buy altcoins using Paytm, you require to have an account on an exchange, and the process of creating an exchange wallet will be the same I have given before.
Now follow the following steps to deposit money to your exchange wallet with Paytm.

Deposit Money to Exchange Using Paytm

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  • 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 shown in your “Funds” once verified.
  • Now you can purchase altcoins with the same deposited INR.

3. Buying Altcoins In India With Amazon Pay 

 

Amazon Pay

 

Amazon Pay is a UPI payment platform that was launched in 2016. It is a new player which is slowly getting popularity in India. It comes just next after Google Pay and Paytm. Here, I am giving 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 displayed in your “Funds” once approved.
  • Now you can buy altcoins with the same deposited INR.

Why You Should Also Watch For Altcoins

 

As discussed above, altcoins introduced innovative features of Bitcoin. Although Bitcoin has seen great success so far, it cannot be considered as a perfect digital currency. Altcoins have a lower price when compared to Bitcoin. Also, they have been performing very well from the time they started their journey. These digital assets have a huge potential to grow in the next decade because the technologies they are utilizing are upcoming technologies. For example, IOTA is a cryptocurrency focusing on IoT(Internet of Things), which by itself has a significant role in the field of technology. As the future relies on digital economy and upcoming technologies, I can say that altcoins would see more adoption across the globe and would prove to be fruitful for their investors. Thus, you should also look at altcoins besides Bitcoin if you want to trade in cryptocurrencies.

Final Thoughts

 

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So, I have explained how an individual can buy cryptocurrencies in India with UPI payments like Google Pay, Paytm and Amazon Pay. These UPI payment platforms have opened new doors for buying and selling altcoins. Also, I have told that these digital assets could prove to be one among the most wonderful investments in the future. Today, there are 1000+ altcoins operating in the market. Several countries have started adopting them because of their future benefits. In India, both Bitcoin and altcoins are new players. However, people from India have shown some interest in the world of cryptos by buying and selling these digital assets. Finally, I would like to say that people from India would surely adopt more and more altcoins to get benefits from them.

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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.