How to Buy Bitcoin with UPI

With a growing crypto interest, more ways to purchase tokens have started to emerge. One of them is UPI—a simple and widely used payment system for quick transfers.

This guide will help you acquire crypto with UPI. We’ll clarify the available methods, detail the steps, and outline factors to consider.

What is UPI?

Developed by the National Payments Corporation of India, UPI is a payment system that allows real-time transfers between bank accounts. With round-the-clock availability, it has become a preferred payment method across India for its simplicity and convenience.

It works by linking your bank account with a UPI-enabled app like Google Pay, PhonePe, or Paytm. Once linked, you can send money to any UPI address. Besides, it allows you to use a digital wallet for business transactions.

UPI itself does not directly support Bitcoin and other cryptocurrencies, but some exchanges integrate it as a payment method. So, you can buy Bitcoin with UPI, but only on supported crypto exchanges.

Also, you can use a reliable P2P exchange with UPI support and find a user agreeing to accept it as payment. While doing so, ensure you only interact with verified traders to avoid scams. For instance, on Cryptomus P2P, you may try this payment method with ease and convenience and not worry about security.

A Guide on How to Buy Crypto with UPI

Since we’ve established the ways at your disposal, let’s detail the steps you need to make a purchase. Here’s how to buy Bitcoin with UPI:

• Pick an Exchange Supporting UPI
• Register and Complete KYC
• Link Your Bank Account with UPI
• Choose the Amount of BTC to Buy
• Select UPI as Your Payment Method
• Confirm

UPI is available on exchanges such as WazirX and CoinDCX, with more popular platforms expected to add it over time. Once your account is verified, select UPI as your payment method and enter the ID tied to your bank account. For example, if you’re using Google Pay, your ID will look like this: yourname@upi.

To initiate the payment, simply enter your UPI PIN in your mobile app. The transaction is typically processed immediately, and the same amount of BTC will be credited to your exchange wallet. You can then move it to your personal wallet for safekeeping.

If you’re going to use a P2P exchange, follow this instruction:

• Select a Reputable P2P Platform
• Create an Account and Pass KYC
• Find a Suitable Seller
• Negotiate Terms
• Make a Payment
• Wait Till Seller Releases Tokens
• Confirm The Deal

How to Withdraw Crypto with UPI?

Bitcoin can't be withdrawn directly to your bank account via UPI right now. But you can exchange it for fiat and then use UPI to move the funds to your bank. You can withdraw Bitcoin with UPI with these steps:

• Open Crypto Exchange
• Sell BTC for Fiat
• Go to Withdrawal Section
• Pick UPI
• Enter Your UPI ID
• Confirm

Benefits and Risks of Purchasing Crypto With UPI

As always, it’s better to estimate the positive and negative aspects of buying crypto with UPI before proceeding. The benefits usually include:

• Speed: UPI transactions are almost instant, so you won’t have to wait for long processing times.
• 24/7 Availability: UPI operates around the clock, allowing you to get Bitcoin at any time.
• Simplicity: It’s easy to set up and use, especially for those familiar with mobile banking apps.
• Low Fees: UPI offers relatively low transaction fees compared to other payment methods.
• Secure: UPI uses 2FA and other measures to minimize the risk of fraud.

As for the risks, they include:

• Limited Availability: Not all platforms support UPI, so you may have limited options for buying BTC.
• Payment Reversals: UPI payments can sometimes be reversed or disputed, especially on P2P exchanges.
• Scams: Scammers can create fake UPI IDs or payment requests, leading to potential financial loss.

By following the provided steps and picking a trusted exchange, you can easily use UPI to acquire crypto. Just ensure you’re aware of risks and use all the available safety measures.

We hope this guide was useful. Submit your suggestions and questions below!