PayPal to shut domestic payment services within India from Apr 1
Digital payment solutions provider PayPal on Friday said it will stop offering domestic payment services within India from April 1.
The US-based company will instead focus on enabling more international sales for Indian businesses.
"We 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," a PayPal spokesperson said.
The company noted that it had processed USD 1.4 billion worth of international sales for over 3.6 lakh merchants in India last year.
PayPal can have the greatest positive impact in India's economic recovery by pivoting its business to support customers where they need the company most, the spokesperson said.
"From April 1, 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 spokesperson stated.
The spokesperson explained that this would mean PayPal will no longer offer domestic payment services within India from the said date.
Paypal was one of the payment options on platforms like Swiggy and BookMyShow.com.