PayPal is to wind down its domestic payments business in India after failing to make a significant dent in a fiercely competitive market. PayPal first entered the Indian domestic scene four years ago and currently operates as a payment option for over 300,000 merchants in the vast territory.
“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 says. “This means we will no longer offer domestic payment services within India from 1 April.”
The Indian mobile payments market is one of the most hotly contested in the world, with Big Tech giants like Facebook, Google, Amazon and TenCent battling it out for market share with a host of local players, including PhonePE and PayTM.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
