Bangalore, June 20 Following the government crackdown on Unified Payments Interface (UPI) deposits, crypto investors are finding it difficult to invest as peer-to-peer (P2P) transactions come with a multitude issues such as delayed transactions, lack of help desk support among others.
Most of the users on the exchanges preferred to transact via UPI or Mobikwik wallet. But, recently, most exchanges have suspended rupee deposits via UPI after the National Payments Corporation of India (NPCI) clarified that it is not aware of any crypto exchange using UPI. The Mobikwik wallet has also withdrawn support for crypto transactions in India. This leaves investors with either the wire transfer or the P2P option. However, major bank payment gateways are not supported on exchanges.
P2P trading is a type of cryptocurrency exchange method that allows traders to trade directly with each other without the need for a centralized third party to facilitate transactions.
Shubam Tuteja, a crypto investor and trader, said: “Whenever there is a delay in receiving the amount in the account, one has no choice but to contact the person directing the transfer. through the number she provided on the platform, which sometimes is not available or will take a long time. The other problem with P2P is that only a limited number of banks allow such transactions, he added.
Another user, Faizan Munshi, complains that the process takes time. “The P2P route is slow in terms of asking price, a transaction would take time and given the crypto market, anything can happen during that time – the price of the coin could go down or up,” he said. .
Users who transact in small amounts find P2P incompatible. “I quit using an exchange when it stopped the UPI method because the minimum transaction for P2P is $14 and I would make deposits of just $3-4,” Akshay Revenkar said.
Mohnish Wadhwa, CEO of a business advisory firm Capdeck Advisors, explained that the only reason exchanges used UPI deposits was that they needed a reconciliation engine between payment and settlement and that the payment aggregators had the technology to do so. “Now that the UPI deposit options have been removed, the alternative solution for exchanges is to develop their own protocol so that a matching engine can be developed. Or, P2P will be the only way out, but the transaction method has a time frame, which is not simpler,” he added.
Blockchain and Crypto Assets Council (BACC) participants, including exchanges such as CoinSwitch Kuber, WazirX, and CoinDCX, wrote to the NPCI. He reportedly asked the governing body of UPI to restore UPI services for crypto readers.
June 20, 2022
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Crypto Investors Are Having Problems With P2P Transactions
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