Three days after adding support for the popular Unified Payments Interface (UPI) payment method in India, US-based cryptocurrency exchange Coinbase has <a href="https://economictimes.indiatimes.com/tech/technology/coinbase-temporarily-stops-upi-after-npci-clarification/articleshow/90759225.cms" target="_blank" rel="noopener">disabled</a> the option to buy cryptocurrencies using UPI for its Indian users.
<blockquote><em>"Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience,"</em> read Coinbase's mobile application.</blockquote>
<h2><strong>Coinbase No Longer Supports UPI Payment </strong></h2>
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.
<blockquote><em>“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,”</em> NPCI said in a statement.</blockquote>
https://twitter.com/NPCI_NPCI/status/1512091446865633285

Notably, Mobikwik wallet, which had partnered with major cryptocurrency exchanges, has stopped supporting crypto trading.
<h2><strong>Coinbase Eyes India Expansion</strong></h2>
Coinbase is planning to hire around 1000 employees in India this year and is trying to set up its technology hub. Currently, it has around 300 employees spread across the country.

Coinbase Ventures, the company’s venture capital arm, has already invested $150 million in India-based technology companies in the crypto and Web3 space and is currently looking out for further new opportunities to help Indian entrepreneurs.

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.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Coinbase Suspends UPI Payment Method for Indian Users

Top Picks