Polygon, Wirex introduce India payment method

A digital payment platform Wirex and Ethereum scaling solution Polygon worked together on expanding the suite of top-up and non-custodial wallet payments for customers in India.

A stock photo of a smiling Indian girl holding rupee banknotes.

The collaboration will make it easier than ever for Wirex Wallet users in India to purchase cryptocurrencies such as MATIC, BTC, and DOGE. The direct on-ramp will save customers their time, effort, and gas fees without the need to exchange on other platforms, making the digital economy more accessible for over 1 billion people in India, the company announced.

The non-custodial Wirex Wallet allows users to store over 100 different cryptocurrencies and NFTs and manage them from their mobile devices. The wallet puts a strong emphasis on security, operating a next-gen keyless entry system, secure multi-party computation (SMPC) technology, and an innovative biometric backup function. It also provides direct access to DeFi protocols like AAVE and Compound and supports multiple blockchains, including Bitcoin, Ethereum, Avalanche, Polygon, and Binance Smart Chain. Additionally, Wirex Wallet has debit/credit, and Apple/Google Pay payment options.

"Wirex continues to add new features and functionality to its user-focused platform, and its expansion of payment methods will add to its work in onboarding new users as seamlessly as possible. Polygon is delighted to be a part of these efforts, and we hope we can do our part for the increased adoption of cryptocurrencies around the world," said Antoni Martin, Enterprise Lead at Polygon.

Wirex CEO Pavel Matveev emphasized just how important the Indian crypto market is to the company. "Having already gained a global reputation for innovation, we've released the Wirex Wallet to enable mainstream users to benefit from DeFi. Extending the features and functionality for customers in India is the next step in this. As the largest crypto market in the world, it's important that we provide a best-in-class experience for users by offering the ultimate convenience, flexibility, and security when using the app."

Although no official data is available on the size of the Indian crypto market, experts estimate that there might be 15 to 20 million crypto investors in the country. The total crypto holdings of Indians may amount to over $5 billion. However, the country’s government recently delivered a blow to the industry, introducing a 30% income tax on crypto.

Launched in 2014, Wirex now boasts of over 5 million customers across 130 countries and says its app “has already proven hugely popular with Indian customers.” Wirex card allows users to spend over 150 crypto and fiat currencies in more than 68 million locations globally. The company recently released new payment options for Malaysia, Indonesia, and Portugal residents and announced plans to add the Solana blockchain to its offering in the coming weeks.