Coinbase India's trading launch banked on UPI, the nations hugely popular payments system, but now it's now longer available on the cryptocurrency exchange's app. By Amitoj
In its trading launch in India three days ago, Coinbase had made using UPI, a popular payments system in the nation, central to its services but now UPI services are"temporarily unavailable" on the app.
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." UPI or Unified Payments Interface is a popular instant real-time payment system that allows peer-to-peer and retail transactions. The platform is regulated by the Reserve Bank of India, the country's central bank, and falls under the purview of the National Payments Corporation of India .it is"not aware of any crypto exchange" using UPI. At the time, Coinbase responded with a statement that said it was actively experimenting with a number of payment methods.