PayPal to Shut Its Domestic Payments Business in India From April 1 | What’s Next Move?

New Delhi: American digital payments major, PayPal Holdings Inc, on Friday said that it will shut down its domestic payment services in India from April 1. Issuing a statement, the company said it will look at streamlining its focus towards enabling cross-border payments for small and medium enterprise (SME) merchants. Also Read – Zomato, Govt Join Hands For Home Delivery of Street Food in 6 Cities | Complete Details Here

“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,” the company said, adding, “This means we will no longer offer domestic payment services within India from 1 April.” Also Read – ‘Yeh Noida Mei Yeh Sab Hota Hai?’ Tweets Swiggy Customer After Order Gets Snatched from Delivery Boy

In India, the company was providing its payment gateway to Indian brands and online merchants, as well as international remittance services for small and medium enterprises. Also Read – 10 Most Successful Tech CEOs of The Decade

Moreover, PayPal was an option for payments on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy.

In the statement, the company said that PayPal can have the greatest positive impact in India’s economic recovery by pivoting business to support customers where they need it the most.

Giving further details, the company said it will continue to invest in product development through its India arm as it builds for SMEs selling to international customers.

As per latest updates, PayPal claimed to have close to 377 million active merchant accounts, and processed USD 277 billion in payment value alone in the last quarter (Q4) of 2020.

The company has also reported net revenues of USD 6.12 billion in the last quarter of 2020, with the total net revenues for the year standing at USD 21.4 billion for the company.