Summary: IMPS (Immediate Payment Service) is a leading payment system in India, offering instant banking solutions. It enables its users to efficiently link their bank accounts using IMPS to digital asset exchanges that accept Rupees. This strategy facilitates active participation in the cryptocurrency market, ensuring its customers’ transactions adhere to relevant financial regulations.
For Indian crypto enthusiasts, we strongly recommend Bybit. The platform excels with its quick and effective INR deposit system that aligns with IMPS transactions, offering a smooth and versatile interface across different devices. Bybit boasts a huge range of over 940 tokens, along with advanced features, including leverage trading up to 25x on futures, an NFT exchange, plus lending and borrowing services.
- Free Indian Rupee (INR) deposits from any Indian bank, debit or credit card.
- Buy 940+ cryptocurrencies with low fees (0.1%) through spot and futures trading.
- Regulated and trusted exchange with over 18 million users worldwide.
Can I Buy Bitcoin with IMPS?
Absolutely, its users can easily enter the crypto market. Although IMPS doesn’t handle these digital asset transactions within its system, it sets a bridge to reputable cryptocurrency investing platforms in India. This capability enables its clients to swiftly move funds to registered exchanges and choose from a wide range of over 940 available tokens, including Bitcoin and other trending digital currencies like BNB, Ripple, Solana, Ethereum, and more.
How to Buy Crypto with IMPS
Users of IMPS can engage in cryptocurrency trading through exchanges that comply with Indian financial standards. Our preferred choice is Bybit, known for its strict adherence to regulation, incredible efficiency, and integration with IMPS for INR deposits. It supports many different payment methods for seamless transactions, like debit/credit cards, direct bank transfers, and e-wallets. It also provides its clients with additional benefits like lending and borrowing services, comprehensive trading features, and multilingual customer support.
Here's our straightforward guide for Indian users new to the digital currency world:
- Registration Process: Sign up on Bybit and ensure you complete all necessary identity verification steps for security.
- Select a Deposit Option: In the 'Buy Crypto' section, select IMPS as your preferred payment method.
- Pick a Currency: Choosing 'INR' will facilitate a straightforward and efficient transaction.
- Wrap Up the Purchase: Explore and pick from more than 940 available tokens, decide on the amount you want to invest, and then click ‘Buy’ to complete the process.
IMPS Cryptocurrency Policy
IMPS plays a strategic role in the digital currency space by enabling seamless transfers to authorized exchanges. By partnering with external platforms that adhere to the standards established by the Reserve Bank of India, it ensures reliable experiences for its customers. When it comes to strict regulatory compliance and focus on user safety, Bybit is the top exchange.
Digital Asset Investing Fees
Navigating the digital asset market requires a clear grasp of the various fees involved. This understanding helps in better decision-making and enhanced profitability. If you are new to trading, here’s a quick summary of the expenses you can incur on popular crypto exchanges:
- Deposit Charges: The cost of adding funds to your account can vary based on the payment method. Overall, UPI transfers tend to be more economical than using credit or debit cards in India.
- Trading Fees: On platforms like Bybit, you can expect a modest commission of about 0.1% per transaction, including both purchases and sales of digital currencies. For reference, competing exchanges might charge higher rates.
- Withdrawal Costs: This fee often depends on the specific token and blockchain used. On Bybit, the withdrawal charge is consistent regardless of the amount. For instance, withdrawing Bitcoin usually costs around 0.0005 BTC.
If you are using IMPS, we advise selecting Bybit for trading crypto assets. This registered platform offers low trading fees, and free INR deposits which is beneficial for all types of investors.
What is IMPS?
IMPS, or Immediate Payment Service, is an innovative payment system developed by the National Payments Corporation of India (NPCI). Launched in 2010, it facilitates instant, 24/7 electronic fund transfers between banks across the country. Moreover, it has played a key role in transforming India's digital payment landscape, contributing significantly to the country's shift towards a more cashless economy.
Users can access IMPS through various channels, including mobile phones, internet banking, ATMs, and SMS. The system is popular for its speed and efficiency, allowing for immediate inter-bank fund transfers. It supports small to medium-sized transactions, making it a suitable choice for daily use. What sets it apart is its beginner-friendly approach, minimal service charges, and robust security features.
In conclusion, despite not offering cryptocurrency trading in-house, IMPS provides a seamless way for users to connect with external digital asset exchanges. Bybit is the best platform for digital currency enthusiasts in India. It aligns perfectly with IMPS for INR deposits and impresses with an intuitive interface, a vast selection of over 940 tokens, low fees, rigorous security measures, and innovative features like leverage trading and an NFT marketplace.