In the current banking landscape, UPI payments excel in efficiency and popularity but are confined to fiat currencies like the Indian Rupee, excluding cryptocurrencies. To address this limitation, our proposed solution bridges UPI and blockchain through a decentralized framework comprising clients, "bridgers," and merchants. Clients initiate transactions on the blockchain, specifying UPI details, fiat value, and cryptocurrency amount. Smart contracts identify suitable "bridgers" with adequate cryptocurrency balances. Chosen "bridgers" convert cryptocurrency to fiat for UPI payments, and upon success, merchants confirm and acknowledge transactions, offering seamless cryptocurrency integration with UPI while accommodating multiple "bridgers" for flexibility.
BlockGate
UPI + Crypto: Bridging the Gap for Seamless Transactions
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