Coinbase suspends UPI payments in India
Coinbase discontinued support for the Unified Payments Interface (UPI) in India on Sunday, the Economic Times reported. This comes only days after Coinbase marked its launch into the Indian market with an event on April 7.
“This payment type is currently unavailable for purchases. Kindly try a different payment method. We apologize for any trouble caused “Coinbase’s mobile application is available to read.
Coinbase, the biggest cryptocurrency exchange in the United States by trading volume, seems to have caught the attention of the National Payments Corporation of India (NPCI) after announcing that customers will be able to acquire cryptocurrencies through UPI.
“We are not aware of any cryptocurrency exchange that utilizes UPI,” NPCI said in an April 7 statement. UPI is a real-time payment system designed by the National Payments Corporation of India (NPCI) to simplify inter-bank transactions using a mobile phone. NPCI is a joint venture between the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) aimed at establishing a solid payment and settlement infrastructure in India.
Meanwhile, the Economic Times reported that MobiKwik, one of the most widely used e-wallets for bitcoin transactions in India, has also suspended the service due to regulatory uncertainties.
Coinbase said in a statement obtained by Outlook on Sunday: “We are aware of the NPCI’s recent announcement addressing cryptocurrency exchanges’ usage of UPI.” We are dedicated to collaborating with the NPCI and other appropriate authorities to ensure that our practices are consistent with local expectations and industry standards.”