November 30, 2022

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PayPal says to shut domestic payments business in India

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PayPal says to shut domestic payments business in India













NEW DELHI (Reuters) – PayPal Holdings Inc will wind down its domestic payments business in India from April 1, the company said in a statement on Friday.



text: FILE PHOTO: The PayPal logo is seen at an office building in Berlin


© Reuters/Fabrizio Bensch
FILE PHOTO: The PayPal logo is seen at an office building in Berlin

San Jose, California-based PayPal 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.

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“This means we will no longer offer domestic payment services within India from 1 April.”

PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy.

(Reporting by Sankalp Phartiyal; Editing by Kim Coghill)

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