Popular cryptocurrency exchange Coinbase has stopped accepting payments from the United Payments Interface (UPI) only three days after launching in India, the Economic Times reported on 10 April.
The crypto exchange has already updated its payment method information for Indian users, asking then to begin using the Immediate Payment Service (IMP) to place sell orders. The UPI — which was made central to Coinbase’s services in the area — is an instant real-time payment system developed by the National Payment Corporation of India (NPCI) to facilitate inter-bank transactions through mobile devices.
On Thursday, hours after Coinbase began trading in India, the NPCI said it was “not aware of any crypto exchange” using the UPI system. In response, a Coinbase spokesperson noted the company was actively experimenting with a number of payment methods and partners in India to make crypto purchases seamless, which included the UPI system. He said further:
“We are aware of the recent statement published by the NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure that we are aligned with local expectations and industry norms.”
Outlook India also reported that MobiKwik — the most used wallet for crypto transactions in India — has also stopped its services to “all major crypto exchanges” in the country amid regulatory uncertainty.