Company stated that from April 1 onwards PayPal is going to shutdown its domestic payments business in India.
credits: PayPal
On Friday, company stated that from April 1 onwards PayPal is going to shutdown its domestic payments business in India.
Alternative to this San Jose California -based PayPal will focus on its cross-border payment business by which the global customers will still be able to pay Indian merchants using this service.
1 April 2021 onwards they will focus all their attention on enabling more international sales for Indian business and they will transfer their focus away from their domestic products in India. By this, they will no longer provide any domestic payment services within India from 1 April onwards.- PayPal
PayPal was a payment payment option for many Indian online apps which includes travel and ticketing services MakeMyTrip, food delivery app Swiggy and Online film booking app BookMyShow. In October last year, PayPal said that it will allow to retain Bitcoin and other virtual coins on its online wallet and can shop using cryptocurrencies at the 26 million merchants on its network.
By this new service, PayPal will make into the largest US companies to offer consumer access to cryptocurrencies which will help the bitcoin and rival cryptocurrencies to gain wider adoption as feasible payment method.
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President and Chief Executive, Dan Schulman, said in an interview that San Jose California -based company wishes that this service will motivate global use of virtual coins and prepare its network for new digital currencies that central companies and other companies may make.
He also said that they are working with central bank and thinking of all forms of digital currencies and how PayPal can play a role.
The company said that the US account holders will be able to buy, sell and retain cryptocurrencies in their PayPal wallets over the coming weeks. PayPal is planning to expand their service to its peer-to-peer payment app Venmo and some other countries during the first half of 2021. Cryptocurrencies for payments will be available from early next year, company added.
While other mainstream fintech companies, such as mobile payments provider Square and stock trading app firm Robinhood Markets allow users to buy and sell cryptocurrencies, but PayPal’s launch is notable given its size.