BasedPay
Easiest way to pay for UPI using stablecoins
Created on 17th May 2025
•
BasedPay
Easiest way to pay for UPI using stablecoins
The problem BasedPay solves
The project aims to let users directly for UPI QRs using stablecoins like USDC with a complete legal and safe userflow, the userflow of BasedPay looks like
- The users takes photo of the UPI QR and send to TG Bot
- The TG Bot decodes it and sends equivalent USDC from the TG Wallet to the pool
- The pool offramps ands send back equivalent INR to users UPI ID using Cashfree UPI APIs
- Then user invokes the actual UPI QR and send the money
How is it different from existing products like P2P.me
-
P2P.me fulfils UPI intents using 3rd party solvers, hence incase of refunds the user can’t get back the amount since their UPI ID is never used.
-
The intent solvers are unverified and untraceable hence, possibilities of bank freeze stays, BasedPay on the other hand maintain its own liquidity and avails offramp for its users using FIU-registered bodies
-
Way faster usually <1 minute and works directly from you Telegram App
-
Provides insights regarding taxes and history of transactions
Challenges I ran into
The major problem was setting up sandbox environment for staging UPI transactions, cashfree api finally worked
Tracks Applied (2)
Stablecoins
Consumer
Technologies used
Cheer Project
Cheering for a project means supporting a project you like with as little as 0.0025 ETH. Right now, you can Cheer using ETH on Arbitrum, Optimism and Base.