New Delhi: Global digital payment platform PayPal on Friday decided to wind down its domestic payment services in India from April 1.
The Digital payment solutions provider sait that it will instead focus on enabling more international sales for Indian businesses. From April 1, the company will focus all its attention on enabling more international sales for Indian businesses, and shift focus away from its domestic products in India, PayPal said.
"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. "This means we will no longer offer domestic payment services within India from 1 April," it added.
San Jose, California-based 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.
PayPal has three centres in Bengaluru, Chennai and Hyderabad, touted as the largest outside the US.
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. The company on Thursday reported a strong growth in the fourth quarter of 2020 with revenue of $6.12 billion. It reported total payment volume (TPV) of $277 billion, growing 39 per cent. It added 16 million Net New Active Accounts (NNAs) in the fourth quarter.