Indian e-wallet service provider MobiKwik withdrew support for crypto exchanges from April 1, local media report.
See related article: Coinbase’s India launch hits road bump
Fast facts
- MobiKwik’s withdrawal comes as the National Payments Corporation of India (NPCI) distanced itself from offering a payments gateway to Coinbase.
- NPCI developed and operates India’s ubiquitous Unified Payments Interface (UPI), the country’s most used digital payments platform.
- It isn’t immediately clear if MobiKwik’s decision preceded NPCI’s despite the privately-held wallet operator’s claim of withdrawing services from April 1.
- E-wallets like MobiKwik were among the primary options for Indians to buy and trade in cryptocurrencies as banks and other payment channels dragged their feet.
- Payment service providers don’t want to be seen running afoul of the Reserve Bank of India.
- The central bank has called for an outright ban on cryptocurrencies.
- MobiKwik’s decision is another setback for Coinbase as it tries to gain a foothold in India.
See related article: India’s digital rupee to run on state-backed e-wallets
