Global digital payment platform PayPal will wind down its domestic payment services in India from April 1, the company announced on Friday.
Instead, the California-based company will shift its focus on cross-border payments business, which means global customers will still be able to pay Indian merchants using Paypal.
“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.
“This means we will no longer offer domestic payment services within India from 1 April,” it added.
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. The company has three centres in Bengaluru, Chennai and Hyderabad which are touted as the largest outside the US. It 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 360,000 merchants in India last year.
“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.
(With agency inputs)