One of the widely popular online payment services, PayPal seems to shut down its domestic payment service in India from April 1, 2021.
As per the official statement from the company, the California-based company will focus on the widely used cross-border payments business, meaning that global customers will still be able to pay Indian merchants and users 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 to media outlets.
Looking on reports, PayPal services are used by on and around 360,000 merchants in India such as Online travel service MakeMyTrip, online movie booking app BookMyShow, and food delivery app Swiggy and Ecommerce websites like Myntra.
While another spokesperson said that, “With the shift in priorities, some PayPal employees have been reassigned to new teams. Our focus is to always minimize the impact on our people whenever possible. Overall, our workforce is growing in India, not reducing. We are currently recruiting across our sites in India in large numbers.”
Back in October 2020, PayPal also introduced new methods to accept and pay cryptocurrencies like Bitcoin, along with other digital coins via its Online Wallet across 26 million merchants on its network.
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” says President and Chief Executive Dan Schulman during an interview.
Moreover, PayPal has served $1.4 billion worth transaction from sales for merchants in the country last year. Also, the Indian Payment method Unified Payments Interface (UPI) is widely popular and accepted across the nation.