Coinbase Disables UPI Payments in India
Coinbase has disabled support for the Unified Payment Interface (UPI) for users in India, the Economic Times reports.
UPI is a real-time mobile payment system developed by the National Payments Corporation of India (NPCI) to facilitate interbank transactions.
The interface is regulated by the National Reserve Bank (RBI) and works by transferring funds instantly between two accounts on a mobile platform.
According to the publication, when choosing this method in the mobile application of a exchange, users get this message:
“Purchases with this payment method are temporarily unavailable.”
Coinbase announced last week its entry into the Indian market. During the presentation, the company’s product director Surojit Chatterjee called the use of UPI the first step to buy digital assets on the platform.
On the same day, the operator of the NPCI interface stated the corporation was “not aware of any crypto exchange using the UPI.”