Paypal to shuts down domestic payments business in India

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: Paypal.

PayPal, the San Jose, California based online payment system will shut down its domestic payments business in India from April 1, the company said in a statement on Friday.PayPal said that it will instead focus on its cross-border payments business, which means global customers will still be able to pay Indian merchants using the service.
 
"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.
 
PayPal was a payments option on many Indian online apps such as travel and ticketing service such as MakeMyTrip, an online travel booking company; online film booking app BookMyShow, and food delivery app Swiggy. PayPal also said that it will allow customers to hold Bitcoin and other virtual coins in its online wallet and shop using crypto currencies at the 26 million merchants on its network. The ability to make payments with crypto currencies will be available from early next year, the company said.
 
US account holders will be able to buy, sell and hold crypto currencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.
 
Other mainstream fintech companies, such as mobile payments provider Square and stock trading app firm Robinhood Markets, allow users to buy and sell crypto currencies, but PayPal's launch is noteworthy given its size.
 
On the other hand, the Central government has denied having any plan for introducing India’s own crypto currencies. The government does not consider crypto currencies legal tender or coins and decided to eliminate use of these cryptocurrencies in financing illegitimate activities or part of payments.

India Scanner News Network

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