Indian e-wallet provider MobiKwik yanks crypto support

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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

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