Come April, PayPal, the American digital payment company will shut down domestic online payment operations. All payment operations taking within India will continue but will be not be executed by PayPal. It was the first choice of payment for many online companies: it was providing payment gateway on many online applications like Make My Trip, Book My Show, or Swiggy.
However, international payment operations, that Paypal executed will continue to be doing so. The company hopes that this move will increase their focus more on global sales for Indian businesses, and help India recover pre-Covid economic condition.
The company also said that it will still invest in product development through its Indian arm, to help small and medium enterprise merchants selling their products to international customers. This, a company’s spokesperson said, will have the most significant impact on India’s post-Covid economic recovery.
PayPal will stop it’s domestic payment operations April 1, 2021, onwards. For some time, PayPal has been facing tough competition from other online payment companies like Razorpay, PayU India, Zaakpay, and Paytm Payments Gateway. However, PayPal claimed that it had earned a quite significant revenue in the last quarter of 2020 and the year 2020 as a whole.
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Written by – Himadri Paul