In today’s statement PayPal company make an announcement that Paypal will wind down, its domestic payments business in India from 1st April 2021.
The company said, “From 1st 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”.This means we will no longer offer domestic payment services within India from 1st April 2021.
President and Chief Executive Mr. Dan Schulman said “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role” and the company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and company may develop.
Moving forward, the company will look at streamlining its focus towards enabling cross-border payments for small and medium enterprise (SME) merchants. The company also said that it will continue to invest in product development through India’s arm as it builds for SMEs selling to international customers.
The Spoke person also added “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 and PayPal processed $1.4 billion worth of international sales for over 360,000 merchants in India last year.
PayPal was offering its payment gateway to Indian brands and online merchants, as well as providing international remittance services for small and medium enterprises including exporters, in the country.
As per its latest earning results, PayPal claimed to have close to 377 million active merchant accounts and processed $277 billion in payment value and net revenues of $6.12 billion alone in the last quarter of 2020.
