PayPal says to shut domestic payments business in India
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NEW DELHI - PayPal Holdings Inc will wind down its domestic payments business in India from April 1, the company said in a statement on Friday.
San Jose, California-based PayPal will instead focus on its cross-border payments business, which means global customers will still 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 was a payments options on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy.
(Reporting by Sankalp Phartiyal; Editing by Kim Coghill)
