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PayPal says halting online payment services within India

Company plans to focus on developing more international sales for Indian businesses from April

Updated 5 years ago · Published on 06 Feb 2021 2:30PM

PayPal says halting online payment services within India
PayPal says it processed US$1.4 billion worth of international sales for over 360,000 merchants in India last year. –  AFP, February 6, 2021 

NEW DELHI – Online payments giant PayPal said yesterday it will halt domestic financial transactions within India, bowing out of a vast market buoyed by recent coronavirus restrictions. 

Multinational giants, including WhatsApp, Google and Alibaba, have for months been locked in a tense battle over the fast-growing digital payments market in the nation of 1.3 billion, expected to be worth US$500 billion (RM2.03 trillion) by 2025.

But PayPal yesterday said it would instead focus on developing more international sales for Indian businesses from April.

“This means we will no longer offer domestic payment services within India from 1 April,” the California-based company added in a statement.

The firm did not say why it was ending its online payments service, available on a number of popular Indian apps. 

PayPal said it processed US$1.4 billion worth of international sales for over 360,000 merchants in India last year. – AFP, February 6, 2021

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