PayPal to stop domestic payment services in India from April 1
Global digital payment platform PayPal on Friday decided to wind down its domestic payment services in India from April 1.
The Digital payment solutions provider said that it will instead focus on enabling more international sales for Indian businesses.
“From 1 April 2021, we 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,” a PayPal spokesperson said.
San Jose, California-based PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy.
PayPal has three centers in Bengaluru, Chennai, and Hyderabad touted as the largest outside the US.
The company processed $1.4 billion worth of international sales for over 360,000 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 a total payment volume (TPV) of $277 billion, growing 39 percent. It added 16 million Net New Active Accounts (NNAs) in the fourth quarter.
