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MobiKwik Withdraws E-Wallet Services From Crypto Exchanges

MobiKwik has disabled its e-wallet services from all major crypto exchanges in India from April 1, according to senior executives from different crypto exchanges.

MobiKwik’s withdrawal follows a statement published by Unified Payments Interface (UPI) parent, the National Payments Corporation of India (NPCI). On April 7, NPCI put out a statement saying they were not aware of any virtual digital asset exchange using UPI for transactions. “With reference to some recent media reports around the purchase of cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” the statement read.

MobiKwik e-wallet was one of the ways that investors could use to transfer money to a crypto exchange. The other major options were via Unified Payments Interface (UPI), Netbanking or bank transfer. At least six major crypto exchanges in India were offering the MobiKwik e-wallet option.

NPCI’s statement came after the US-based crypto exchange Coinbase launched its services in India on April 7. During the launch, it was announced that the crypto exchange, which is one of the largest in the world, would use UPI to enable rupee deposits on the platform. Coinbase co-founder and chief executive Brian Armstrong said, “We know it’s not going to be a straight shot to bring this technology (blockchain; in the region). We don’t know exactly how it’s going to evolve but we’re committed to working with bank partners, regulators, most importantly, the Indian people because they showed a real spark of interest in cryptocurrency and there’s a real desire to get access to some of these services and products… India has shown a great willingness with UPI.”

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Written By- Shriyansh Jain

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