PayPal to shut domestic payments business in India

PayPal Holdings 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.

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“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.”

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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.

The company said it was expecting an addition of about 50 million active users in 2021 and a forecast annual revenue of about $25.5 billion, well above the $21.4 billion estimated by analysts. Its shares were up 5% in trading after the bell.

Online payments have got a boost since the start of the pandemic as people stuck indoors rely on mobile apps for shopping and paying bills.