Despite taking its battle farther to the east, PayPal is reportedly going to withdraw its services in India in less than two months time. The announcement was reported by Reuters which stated that by April 1st of the year 2021, the payment processing firm will halt its domestic services in India.
The move is to shift from domestic product offerings and bring in more international sales via cross-border payments to its Indian users.
The local operation of PayPal began in the year 2017 in India and it’s been able to operate services like Payment Gateway and Aggregator for different merchants within the region however, the move to internationalize the market will be made public to its Indian merchants tomorrow Feb. 6th.
PayPal is an American online payment system which has been able to provide monetary handling and transaction to other services and brands like Myntra, Swiggy, BookMyShow and so forth while further working in partnership with multiple international businesses.
The company has its centers(i.e Offices) in cities like Chennai, Hyderabad, Mumbai, and Bangalore. India’s digital market is growing rapidly and the company’s economy is expected to $1 trillion in the next decade. Apart from PayPal, we have giants like Paytm, Google, Amazon running domestic payment systems in India.
The aforementioned companies make use of the digital payments by following guidelines issued by the Reserve Ban of India (RBI) as well as using the Unified Payments Interface (UPI) gateway which is developed by the National Payments Corporation of India (NPCI).
The fact that the firm is stopping its domestic operation doesn’t stop the fact that Global customers can make payment to Indian merchants after the April 1st closure. The move is just to make its service much more global from within the region.