Frequently Asked Questions
Frequently asked questions about Valut and crypto payments via UPI
General Questions
What is Valut?
Valut is a payment platform that enables you to use your cryptocurrency to pay at any merchant that accepts UPI in India. We bridge the gap between cryptocurrency and traditional payment systems, making your digital assets useful for everyday transactions.
Is Valut available now?
Valut is currently in early access. You can join our waitlist to be among the first to try it when it's available in your area.
Where can I use Valut?
You can use Valut anywhere in India where UPI payments are accepted. This includes millions of merchants, from small street vendors to large retail chains, as well as for bill payments, online shopping, and more.
How Valut Works
How does Valut work?
Valut works in three simple steps:
Scan any UPI QR code with the Valut app
Select which cryptocurrency you want to pay with
Pay and complete your transaction
Behind the scenes, Valut converts your cryptocurrency to INR and routes the payment through the UPI system to the merchant.
Do merchants need to accept cryptocurrency?
No! That's the beauty of Valut. Merchants receive Indian Rupees (INR) through their existing UPI setup. They don't need to understand cryptocurrency, change their systems, or even know that you paid with crypto.
How fast are transactions processed?
Transactions are processed almost instantly. The merchant receives their payment in INR via UPI just like a standard UPI transaction, with no delays or waiting periods.
Fees and Costs
What fees does Valut charge?
Valut charges a simple 2% fee on each transaction. This fee covers the cost of conversion, transaction processing, and network fees.
Are there any hidden costs?
No. We believe in complete transparency. The 2% fee is all you pay – there are no hidden costs, exchange rate markups, or additional fees.
How are exchange rates determined?
We source real-time exchange rates from multiple providers and use a volume-weighted average to ensure you get competitive rates. The exchange rate is locked for 30 seconds while you confirm your transaction.
Security and Privacy
Is my money safe with Valut?
Yes. Valut uses a 2-of-2 multisig wallet architecture, which means both you and Valut must approve transactions. This provides an additional layer of security for your assets.
What happens if I lose my phone?
Your funds are secured by the multisig wallet, not just your phone. If you lose your phone, you can recover access to your account through our account recovery process. Contact our support team immediately if you lose your phone.
How does Valut protect my privacy?
We take privacy seriously. Your personal information is encrypted and stored securely. We only collect the information necessary to provide our service and comply with regulatory requirements.
How is my data protected?
We use industry-standard encryption and security practices to protect your data. Our systems are regularly audited for security vulnerabilities, and we continuously monitor for any suspicious activities.
Cryptocurrencies and Wallet
Which cryptocurrencies does Valut support?
At launch, Valut supports major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDC and USDT. We're continuously expanding our supported currencies based on user demand.
Are there any limits on transactions?
Yes, for security and operational reasons:
Minimum transaction: ₹100
Maximum transaction: ₹100,000 per transaction
Daily limit: ₹200,000
Higher limits may be available based on your account history and verification level.
Can I withdraw my cryptocurrency from Valut?
Yes. You can withdraw your cryptocurrency from your Valut wallet to any compatible external wallet at any time. Standard network fees apply for withdrawals.
How do I add cryptocurrency to my Valut wallet?
You can deposit cryptocurrency to your Valut wallet by:
Going to the "Wallet" section in the app
Selecting "Deposit"
Choosing the cryptocurrency you want to deposit
Using the provided wallet address or QR code to send funds from your external wallet
Regulatory Compliance
Is Valut legal in India?
Yes. Valut is designed to operate within India's regulatory framework. We implement full KYC/AML procedures in line with Indian financial regulations and continuously monitor regulatory developments.
Why do I need to complete KYC?
KYC (Know Your Customer) is required by financial regulations in India. It helps prevent fraud, money laundering, and other illicit activities. We've made our KYC process as simple and streamlined as possible.
How does Valut comply with tax regulations?
Valut provides transaction records that can help you with your tax reporting obligations. However, we recommend consulting with a tax professional regarding your specific tax situation.
Support and Troubleshooting
What if a payment fails?
If a payment fails for any reason, your cryptocurrency will not be deducted from your wallet. You'll receive a notification explaining why the transaction failed, and you can try again or contact our support team for assistance.
How can I contact customer support?
You can contact our customer support team through:
In-app chat support
Email: [email protected]
What information should I provide when contacting support?
To help us resolve your issue quickly, please provide:
Your registered email address
Transaction ID (if applicable)
Description of the issue
Any error messages you received
Screenshots (if applicable)
Getting Started
How do I sign up for Valut?
Once invited, download the Valut app from your app store
Create an account and complete the verification process
Set up your wallet and deposit cryptocurrency
Start making payments!
What devices are compatible with Valut?
Valut is available on:
iOS devices running iOS 13 or newer
Android devices running Android 8.0 or newer
Where can I learn more about using Valut?
You can explore our User Guide for detailed instructions on using Valut, or check out our How It Works page for a deeper understanding of the platform.
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