Coinbase, the largest US-based cryptocurrency exchange, disabled the feature to acquire bitcoin using the popular Unified Payments Interface payment instrument in India on Sunday, just three days after launching support for the popular payment instrument in India.
On Coinbase's India services, UPI is an immediate real-time payment system designed by India's National Payment Corporation to enable interbank transactions via mobile phone.
The National Payments Corporation of India (NPCI) is a special institution of the Reserve Bank of India, which is part of India's Ministry of Finance.
"This payment method is currently unavailable for purchases." Please try a different payment option. "We apologize for the inconvenience," the Coinbase mobile app read on Sunday.
For Indian customers, the exchange has already updated its payment options information on its website, recommending them to place sell orders using the Immediate Payment Service (IMP).
In a statement, Coinbase said it was committed to working with the NPCI and other appropriate authorities and was looking into alternate payment solutions.
On Friday, TechCrunch reported that it had asked Coinbase if it planned to keep enabling UPI payments as it worked with various authorities. The firm did not respond to a request for comment.