Pay Pal To Shut Domestic Payment Business In India
PayPal to shut domestic payment services within India from April 1
PayPal is shutting down its domestic business in India. The digital payment solutions provider said it will stop offering domestic payment services within India from 1 April. The San Jose, California-based company added that they will instead focus on its cross-border payments business. It means the company will now focus on enabling more international sales for Indian businesses.
As reported by sources to Reuters, “From 1 April 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. This means we will no longer offer domestic payment services within India from 1 April.”
Sources added, “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.”
PayPal was a payments options on many Indian online apps. They were MakeMy Trip, BookMyShow and food delivery app Swiggy.
Not many know that Paypal had said that it will allow customers to hold Bitcoin and other virtual coins in its online wallet. They can shop using cryptocurrencies at the 26 million merchants on its network. The San Jose, based company hopes the service will encourage global use of virtual coins. It will also prepare their network for new digital currencies that central banks and companies may develop in near future.