PayPal to wind down domestic business in India

WION Web Team
New Delhi Published: Feb 05, 2021, 11:00 AM(IST)

PayPal logo Photograph:( Reuters )

Story highlights

PayPal has been one of the pioneering payment solutions started by Elon Musk decades ago

PayPal is set to wind down domestic payments business in India in a few months. In a statement on Friday, PayPal said that it plans to wind down domestic business by April 1 this year. PayPal will now focus on cross-border payment business.

This means that global customers will be able to pay Indian merchants using the service.

"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 said.

"This means we will no longer offer domestic payment services within India from 1 April."

PayPal has been one of the pioneering payment solutions started by Elon Musk decades ago. However, with number of payment solutions coming up over years, PayPal has seen its primacy in the markets go away.

(With Reuters inputs)

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