How Three-Way Payments Work in India - Indian Authorities Asked to Restore Cryptocurrency Exchanges' Access to Unified Payments Interface of India (UPI)

　　Indian authorities demand restoration of cryptocurrency exchanges' access to Unified Payments Interface (UPI)

　　Indian cryptocurrency exchanges and policy firms recently petitioned the government to restore cryptocurrency firms' access to the Unified Payments Interface of India (UPI) after its suspension in 2022.

　　The Indian government and central bank have received proposals to restore UPI's access to the crypto industry, sources revealed. Two proposals have already been made, while India's newly formed cryptocurrency policy advocacy organisation, the Bharat Web3 Association (BWA), is set to make a third proposal in the coming weeks.

　　The proposals mark the first major push by Indian cryptocurrency stakeholders for policy change in the industry in response to a barrage of crackdowns, including tough taxes, cryptocurrency winters, and "shadow bans". These "shadow bans" led Indian payment processors to cut off banks' access to cryptocurrency exchanges, while UPI services were suspended around the same time last year.

　　Since the pandemic, UPI adoption in India has grown rapidly, with about 74 billion UPI transactions worth $1.5 trillion conducted in 2022.UPI allows citizens to pay for groceries and other goods using QR codes linked to their bank accounts, and the system is used nationwide, with merchants not having to pay any fees for accepting UPI payments.

　　Atpay - As a professional provider of payment solutions, we have been deeply involved in the payment services sector in India for many years and have successfully provided payment functionality to countless clients both at home and abroad. We are confident in payment integration as well as high-risk payment processing and welcome inquiries and conversations.