Coinbase Suspends UPI Payment Method for Indian Users

Three days after adding support for the popular Unified Payments Interface (UPI) payment method in India, US-based cryptocurrency exchange Coinbase has disabled the option to buy cryptocurrencies using UPI for its Indian users. “Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience,” read Coinbase’s mobile application. Coinbase No Longer Supports UPI Payment On April 7, US-based cryptocurrency exchange Coinbase had announced that it will allow users in India to buy and sell cryptocurrencies via UPI in a mega event. Just hours after Coinbase’s India launch, the National Payments Corporation of India (NPCI), the governing body that oversees UPI in the country said that it was not aware of any crypto exchange using UPI payments. “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” NPCI said in a statement. Statement by NPCI as on 7th April 2022. With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI. Please see attached document pic.twitter.com/lGTcaSLKeC — NPCI (@NPCI_NPCI) April 7, 2022 Notably, Mobikwik wallet, which had partnered with major cr...