CoinSwitch Kuber temporarily disables rupee deposits

by IANS |

New Delhi, April 12 (IANS) Crypto trading platform CoinSwitch Kuber has disabled all payments modes for crypto purchases on its platform, including bank transfers.

Users of the CoinSwitch mobile app are no longer able to make rupee deposits via Unified Payments Interface (UPI) or bank transfers via NEFT, RTGS, IMPS, and other methods.

The news comes days after Coinbase, one of the leading cryptocurrency exchanges, had reportedly suspended support for UPI payments instrument on its app in the country.

According to TechCrunch, users in India attempting to purchase any token listed on the Coinbase app are being informed that the UPI payment method is "currently unavailable".

The app urges users to try another payment method, but it currently does not support any other method for purchases in the country, according to users, tests, and the company's own support page.

The move follows a strange statement from the National Payments Corporation of India (NPCI), the governing body that oversees UPI in the country, which said hours after Coinbase's India launch that it was not aware of any crypto exchange using UPI payments instrument.

Coinbase began testing UPI payments in India several weeks ago.

In a statement, later that day Coinbase said it was committed to working with NPCI and other relevant authorities and said it was experimenting with other payment methods.

Latest News
Israel reports 1st suspected case of monkeypox Sat, May 21, 2022, 02:01 PM
African countries report 7,985 newly confirmed Covid-19 cases as tally nears 11.59 mn Sat, May 21, 2022, 01:40 PM
Mexico's Prez urges US to legalise status of Mexican immigrants Sat, May 21, 2022, 01:27 PM
Moeen Ali's master-class has Matthew Hayden in awe Sat, May 21, 2022, 01:24 PM
Why 'no fear' and a 'fresh slate' make two new IPL franchises a force to reckon with Sat, May 21, 2022, 01:12 PM
PDP chief pays tributes to Mirwaiz, Lone Sat, May 21, 2022, 12:54 PM
Open Mettur Dam before June 12: PMK's Ramadoss Sat, May 21, 2022, 12:54 PM
Overnight sporadic rain bring relief in Delhi Sat, May 21, 2022, 12:53 PM
Rescue operations resume at collapsed J&K highway tunnel Sat, May 21, 2022, 12:41 PM
India reports 2,323 fresh Covid cases, 25 deaths Sat, May 21, 2022, 12:40 PM
3 kids among 7 killed as cruiser rams into tree in Karnataka Sat, May 21, 2022, 12:37 PM
Rain, thundershower likely in J&K during next 24 hrs Sat, May 21, 2022, 12:33 PM
Tributes pour in on Rajiv Gandhi's 31st death anniversary Sat, May 21, 2022, 12:31 PM
Int'l Support Group for Lebanon urges swift govt formation for 'outstanding reforms' Sat, May 21, 2022, 12:26 PM
People unsatisfied with Opposition leaders' work: Survey Sat, May 21, 2022, 12:21 PM