Key Takeaways:
- Coinbase has stopped accepting payments through the United Payments Interface (UPI) on its platform for Indian users.
- National Payments Council of India (NPCI) said it was not aware of any crypto exchanges using it.
Coinbase, one among the world’s largest crypto exchanges, has stopped accepting payments through the United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent.
The National Payment Corporation of India (NPCI) manages the UPI payment portal in India. NPCI facilitates buy orders on Coinbase’s India services. For Indian users, the exchange has updated its payment method information on its website. It advises Indian users to use Immediate Payment Service (IMP) to place sell orders.
Following Coinbase’s announcement that the UPI would be the payment mechanism on its platform, the National Payments Council of India (NPCI) said it was not aware of any crypto exchanges using it.
According to the financial news outlet Business Standard, a Coinbase spokesperson said on Friday in response to the NPCI statement that
“As we enter the Indian market, we are actively experimenting with a number of payment methods and partners to enable our customers to seamlessly make their crypto purchases. One of these methods is UPI, simple to use and rapid payment system. 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.”
