Digital service is increasing day by day in India. But the global digital payment platform PayPal has decided to discontinue its domestic payment services in India from 1 April 2021.
Digital payment solution provider PayPal said it would focus on enabling more international sales for Indian businesses so the company is going to discontinue domestic service from 1 April.
PayPal serves around 190 countries worldwide. The app has about 100 million account members in these countries. PayPal started its business in 2017 in India. Through PayPal, you can continue to send and recieve international payment.
San Jose, California based PayPal offers payment options on several Indian online apps such as travel and ticketing service MakeMy Trip, online movie booking app BookMyShow, and food delivery app Swiggy. PayPal has three centers in Bangalore, Chennai, and Hyderabad, the largest outside the US.
The Indian payment gateway space has become competitive over the years, with Razorpay, PayU India, MobiKwik’s Zaakpay, and Paytm payment gateway leading the way for a number of players.
The company said that from 1 April 2021, we would focus all our attention on enabling more international sales for Indian businesses, and focus away from our domestic products in India. He said that this means that we will not continue domestic payment services within India from 1 April.
The company noted that it had processed $ 1.4 billion in international sales to more than 3.6 lakh merchants in India last year. The company reported strong growth in the fourth quarter of 2020 with revenue of $ 6.12 billion on Thursday. It reported a total payment volume (TPV) of $ 277 billion, a 39 percent increase. It added 16 million net new active accounts (NNA) in the fourth quarter.