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PayPal to close domestic payment services in India from April 1
PayPal to close domestic payment services in India from April 1
The US-based company will focus on enabling more international sales for Indian companies.
On Friday, Digital payment solutions provider PayPal said it would stop offering domestic payment services within India from April 1.
Instead, the US-based company will focus on enabling more international sales for Indian companies.
A PayPal spokesperson said, "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."
Last year, the company noted that it had processed $ 1.4 billion worth of international sales for more than 3.6 lakhs of India merchants.
PayPal may have the most significant positive impact on India's economic recovery by pivoting its business to support customers where they need the company most, the spokesperson shared.
The spokesperson stated, "From April 1, 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India."
The PayPal spokesperson explained that this would mean that the company will no longer offer domestic payment services within India from that date.
Paypal was one of the payment options on platforms like Swiggy and BookMyShow.com.
