For the first time in years, Coinbase is beginning to provide support for payment instruments UPI and IMPS in India, making its crypto exchange broadly functioning in the world’s second-largest internet market.
Some users noted on Thursday that the app of the world’s largest publicly traded crypto exchange has included the new payment methods in the country, though the extent of the deployment is unknown. UPI, a payments infrastructure developed by a group of retail banks, is the most popular and one of the most convenient ways for Indians to transact online.
Coinbase, which did not reply instantly to a request for comment, recognised the change briefly in a support page that it has since removed. At this time, it is unclear which banks Coinbase has collaborated with within India to allow UPI and IMPS payments. Banks have mostly avoided dealing with cryptocurrency firms due to pressure from India’s national bank, the Reserve Bank of India.
The organization, which has a presence in over 100 nations, has been offering its eponymous crypto exchange software in India for long years, but its lack of support for any payment method severely limited its utility among Indian consumers.
Coinbase, on the other hand, has been mostly active in the country through investments. CoinSwitch Kuber and CoinDCX, two of India’s most popular cryptocurrency exchanges, have received funding from the firm’s venture arm. The company has also supported Router Protocol, a cross-chain infra startup, after acquiring Indian AI-powered customer care platform Agara last year.
Coinbase has been expanding its workforce in India over the last year or two, employing former Google Pay executive Pankaj Gupta in a significant role. On April 7, the company plans to organize an India-focused event at which numerous leaders will speak, including Coinbase CEO Brian Armstrong and Chief Product Officer Surojit Chatterjee.
Coinbase has begun to expand its workforce in India in the last year or so, employing former Google Pay executive Pankaj Gupta in a crucial role. On April 7, the company plans to organise an India-focused event at which many officials, including Coinbase CEO Brian Armstrong and Chief Product Officer Surojit Chatterjee, would speak.