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Coinbase disables UPI payments just days after India launch

Crypto exchange Coinbase disabled its support for the Unified Payments Interface (UPI) in India on Sunday, just days after marking its entry into the Indian market with an event on April 7, the Economic Times reported.
“Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience,” read Coinbase’s mobile application.
Coinbase, the largest cryptocurrency exchange in the US by trading volume, appears to have come to the attention of the National Payments Corporation of India (NPCI) after saying it would allow users to purchase cryptocurrencies using UPI.
“We are not aware of any crypto exchange using UPI,” said an April 7 statement by NPCI.
UPI is a real-time payment system developed by NPCI to facilitate inter-bank transactions using a mobile phone. NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) for creating a robust payment and settlement infrastructure in India.

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