Crypto exchange Unocoin lets users ‘recharge’ FASTag using bitcoins; here’s how

By: |
September 20, 2021 9:01 PM

In a similar offering in August this year, the company had launched a feature for users to buy snacks and beverages from Domino's Pizza, Cafe Coffee Day, Baskin-Robins, etc., using bitcoins.

toll tax, fastagsThere is no transaction cost or charges for topping up FASTag with users' HODLed bitcoin.

Cryptocurrency exchange Unocoin is offering bitcoin users a new option to top up their FASTag accounts. The users will be able to recharge FASTag using bitcoins they had deposited or purchased in the Unocoin wallet in the past, however, there is no direct purchase using bitcoins. From the bitcoin tab or section in the Unocoin app or website, users will have to click on the FASTag tab and choose from any of the seventeen operators listed with Unocoin. Further, users will have to enter the vehicle registration number and the amount they would want to top up their FASTag with between Rs 100 and Rs 10,000 while making sure they have enough bitcoin to cover it. 

“This will be treated as customers sold bitcoin on our platform and then through our partner’s platform, they got the FASTag recharged. The recharge is actually happening through money only. Lets’ say, I have 0.1 bitcoin in my bitcoin wallet. I will put Rs 500 to recharge FASTag in the app or website and then Rs 500 worth bitcoin will get deducted from my wallet and on the other side, my FASTag is recharged with Rs 500,” Sathvik Vishwanath, CEO & Co- Founder, Unocoin told Financial Express Online. 

Also read: PayPal completes first international rollout of its crypto offering for users to buy, hold, sell coins

“We have got more than 200 recharges in a single day already, so it is going well. The average recharge amount has been Rs 500-1,000 while the highest I saw was Rs 4,000. We have currently 14 lakh registered Unocoin users,” added Vishwanath. There is no transaction cost or charges for topping up FASTag with users’ HODLed bitcoin. Once the transaction is done, users can see the transaction in the transaction history in the app or website. The transaction row shows the amount of bitcoin sold, the INR equivalent, the date and time of the transaction, and also the rate of conversion.

In a similar offering in August this year, the company had offered users to buy consumer items such as Pizza, ice cream, etc using bitcoin. The company had allowed users to buy gift vouchers using bitcoin that could be redeemed at Domino’s Pizza, Cafe Coffee Day, Baskin-Robins, etc.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

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