UPI payment options in India started rolling out by Global crypto exchange Coinbase
- ByStartupStory | March 25, 2022
Indian crypto users, on March 24, noticed that the crypto exchange app Coinbase had included alternative payment options of UPI and IMPS on the app. While the alternative payment options haven’t been announced by Coinbase, the change has been briefly acknowledged on its support page.
An official announcement regarding its UPI payments in the country has been made by Coinbase, it is uncertain in order to figure out which Indian banks Coinbase have collaborated with in order to support UPI and IMPS payments.
The Unified Payments Interface (UPI) in terms of volume of transactions, is currently the country’s most popular retail payment platform, with many small-scale vendors which without the fear of technical complexity are now accepting digital payments. To transact through popular UPI gateways, making it convenient for users, will be enabled to users by the new Coinbase UPI payment option.
Coinbase, acknowledged the change briefly in a support page that it has since taken down, which did not immediately respond to a request for comment. At this point it is not yet clear that with which banks Coinbase has actually partnered in India in order to support UPI and IMPS payments. Under the pressure of the Indian central bank Reserve Bank of India, banks have largely avoided engaging with crypto firms.
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