PayPal Holdings will wind down its domestic payments business in India from April 1, the company said in a statement on Friday. “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 San Jose, California-based company said. “This means we will no longer offer domestic payment services within India from 1 April,” the company added.
PayPal did not elaborate on reasons for winding down its business in the country, but said that it wanted to re-align its resources on businesses with larger impact.
PayPal will, instead, focus on its cross-border payments business from April, which means that global customers will be able to pay Indian merchants using the service.
PayPal has been a payments option on online apps in India such as ticketing services viz. MakeMyTrip and BookMyShow, and food delivery platform, Swiggy.
Paytm, PhonePe, Google, Amazon and Facebook are striving to increase their share in India, by offering a range of payment services to individuals and merchants alike.