PayPal to Shut Down Domestic Payments Business in India From April 1,2021

PayPal will focus on its cross-border payments business, presenting global customers with an option to pay Indian merchants using the service.

by Akansha_B Updated: 15 Apr, 2021, 18:11 IST
22 7112


California-based PayPal will wind down its domestic payments business in India starting April 1, as the company announced on Friday. The firm will instead concentrate on its cross-border payments business, meaning global customers will still be able to pay Indian merchants via the service.

PayPal holding Inc. entered the Indian market, offering its domestic operations in India in 2017 November, which provided payment options for domestic transactions for both customers and merchants.

However, as per the reports, the firm said: "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".

As indicated, they will no longer offer domestic payment services within India starting April 1. PayPal is a payments option on numerous Indian online apps such as fashion shopping, travel, food and ticket service like MakeMyTrip, BookMyShow, Swiggy and more.

The firm hopes that the service will encourage global use of virtual coins and prepare its network for new digital currencies.

Last October, the company declared that it would let customers deal with Bitcoin and other virtual coins in its online wallet and shop with cryptocurrencies at the 26 million merchants on its network. This new service will allow users access to cryptocurrencies, which could benefit Bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods making PayPal one of the largest US companies.

"We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role," President and Chief Executive Dan Schulman said in an interview.

PayPal plans to extend the service to its peer-to-peer payment app Venmo and other nations in the first half of 2021. The payments service with cryptocurrencies will be available from early next year, the company stated.

Other mainstream fintech companies do allow users to buy and sell cryptocurrencies. However, PayPal's launch is noteworthy, given its size.

Let us know your thoughts on the company changing its directory to encourage International business or will it affect the domestic merchants.
22 Comments  |  
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50
20
0

Thank you PayPal for your service, tumhare wajah se dher sara lifetime credit card le liya.

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1

Well used once to get INR 600 cashback… anyway post that no cashback and so nobody used them after initial usage…

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4

Good news! Almost no offers. Whatever offer is there, cashback won’t come. Help section is THE most pathetic. I can happily clear up 104 mb from my phone now!

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54

I used paypal for cashback only 3-4 times and small trasaction on aliexpress

50
1441
11

Jarurat se jyada batoge to aisa hi hoga stuck_out_tongue
Limit me rehkar karte like others.
Dimmers ke muh khoon na lagana koi stuck_out_tongue

0
164
2

I think I got 300 cashback twice on medicine orders after that haven’t used after that.

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20
1

I remember the days they used to give Rs 400 on first transaction 😃😋

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srivxpk350 wrote:

Thank you PayPal for your service, tumhare wajah se dher sara lifetime credit card le liya.

How?

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360
1

We miss u Paypal…
Plz back again soon (with offer)

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20
1

Received good cashback on PayPal.. bookmyshow pe 150 easy cashbacks

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We miss those offers unamused unamused
50% CB upto 750 
50% CB upto 600
50% CB upto 500
50% CB upto 400
50% CB upto 350
50% CB upto 300
50% CB upto 200
50% CB upto 150
50% CB upto 100

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Tejaa wrote:

#Nostalgia relieved

jyada lalach ka fal
jaana hi tha
aaj nahi to kal
subah ka suraj
shaam ko jaata dhal
khali ho jaati tanki
jo khula rakha pani ka nal
for months they were anyhow dull
jahan raho khush raho R.I.P Paypal

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Expand
A2Zdeals wrote:

jyada lalach ka fal
jaana hi tha
aaj nahi to kal
subah ka suraj
shaam ko jaata dhal
khali ho jaati tanki
jo khula rakha pani ka nal
for months they were anyhow dull
jahan raho khush raho R.I.P Paypal

https://cdn0.desidime.com/attachments/photos/663782/medium/7368290MUajoJH.jpg?1612592519

50
152
2

Huge charges for merchant
Not a user friendly service so overall they fucked up

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1
srivxpk350 wrote:

Thank you PayPal for your service, tumhare wajah se dher sara lifetime credit card le liya.

#Metoo. Looted more than 7k in different cards mainly Netmeds medicine. Couldn’t use last 2 cards due to lack of offers.

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1
srivxpk350 wrote:

Thank you PayPal for your service, tumhare wajah se dher sara lifetime credit card le liya.

PayPal se credit card Kaise Liya smile bhai??

50
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1
Expand
valkarie wrote:

PayPal se credit card Kaise Liya smile bhai??

I think PayPal was the reason for getting credit cards. Their cashback offers will be missed. joy

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880
4

Tata bye bye goodbye… Khtm

replyuser