A request by an Indian cryptocurrency exchange and a policy firm urges the government to allow crypto companies the access to the national UPI Interface which was suspended in 2022
The Indian government and the RBI have received two proposals for restoring the crypto industry’s access to the Unified Payments Interface (UPI) which is a widely used real-time payment system in the country. "In the coming few weeks", a third proposal will also be made by the Bharat Web3 Association (BWA), which is a newly formed crypto policy advocacy group in India.
The adoption of UPI in India has increased rapidly since the pandemic. In 2022 alone approximately 74 billion UPI transactions worth around $1.5 trillion were conducted. The UPI system, which is used nationwide, allows the citizens to pay for goods and services using a QR code linked to their bank accounts.