PayPal to stop payment services in India from April 1
To continue to invest in product development that enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally
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New Delhi: Global digital payment platform PayPal on Friday decided to wind down its domestic payment services in India from April 1.
From April 1, the company will focus all its attention on enabling more international sales for Indian businesses, and shift focus away from its domestic products in India. "This means we will no longer offer domestic payment services within India from April 1," a PayPal spokesperson said.
The company has three centres in Bengaluru, Chennai and Hyderabad which are touted as the largest outside the US. The company also has its business development teams in India.
PayPal said that it will continue to invest in product development that "enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally, and help the Indian economy return to growth."
The company processed $1.4 billion worth of international sales for over 3,60,000 merchants in India last year. The company on Thursday reported strong growth in the fourth quarter of 2020 with revenue of $6.12 billion.
It reported total payment volume (TPV) of $277 billion, growing 39 per cent. It added 16 million Net New Active Accounts (NNAs) in the fourth quarter.
According to the company, it can have the greatest positive impact on India's economic recovery by pivoting its business to support its customers where they need it most.
"PayPal is committed to doing all we can to help Indian businesses during these challenging times. The critical role our global payments platform plays in India has only been magnified by the pandemic," the company spokesperson said.
