PayPal has planned to wind down its domestic payment operations in India from April 1, this year. Instead, it will scale up its existing cross-border trade business for small enterprises to gain a significant share of the inward remittances market, the world's largest currently. "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 company said.
In India, domestic payments are mostly dominated by UPI based apps or wallets like Paytm, Mobikwik, etc. The US-based digital payments player's domestic operations include its payments gateway and aggregator services for online merchants and brands. The Indian market is also highly competitive, where users are often given multiple discounts, offers, and cashbacks.
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. It has been known mostly for cross-border transactions, which what they want to focus upon.
Apart from this, PayPal is also looking to implement cryptocurrencies in its ecosystem. Beginning in early 2021, PayPal customers will be able to use their cryptocurrency holdings as a funding source to pay at PayPal's 26 million merchants around the globe. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with a certainty of value and no incremental fees. While in India, the Government's stand about cryptocurrencies is still not clear.
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