Coinbase Stop UPI payment option In India After Launch
America’s largest Crypto exchange Coinbase suspended some payment services through UPI on its newly launched Indian exchange due to pressure from the local payment regulators.
The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. The exchange has already updated its payment method information on its website for Indian users, which urges users to try Immediate Payment Service (IMP) to place sell orders.
The NPCI is a special division of the Reserve Bank of India (RBI), under the Ministry of Finance.
CoinBase CEO on UPI payment
At the launch, Surojit Chatterjee, Coinbase’s chief product officer, had explained how using UPI would be the first step for India’s citizens wishing to buy crypto on its platform. Coinbase CEO Brian Armstrong had said, “India has shown a great willingness with UPI.”
Currently, the app shows that the users can sell via the IMPS method. Buying option is unavailable at the moment.
Notably, Mobikwik wallet, which had partnered with major crypto exchanges, has stopped supporting crypto trading. Further, only a few exchanges are currently allowing crypto trading using bank transfers. “Altogether, the trading volumes have significantly dropped,” said an industry source.
On Sunday several users report Mobikwik services were not available on Indian exchanges.
Further Coinbase is planning to hire 1000 employees in India this year and is trying to set up to its technology hub. Currently, it has around 300 employees spread across India.
