PayPal To Shut Its Operations In India
The company, instead, will shift its focus on enabling more international sales for Indian businesses
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
California-based digital payment solutions provider PayPal on Friday announced that it will stop its domestic operations in India from April 1. The company, instead, will shift its focus in enabling more international sales for Indian businesses.
"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. This means we will no longer offer domestic payment services within India from 1 April," a company's spokesperson said.
The spokesperson said that PayPal is committed to doing all it can to help Indian businesses during these challenging times.
"The critical role our global payments platform plays in India has only been magnified by the pandemic. In fact, PayPal processed $1.4 billion worth of international sales for over 360,000 merchants in India last year," he further added.
The company claims to continue to invest in product development that will help Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally, and help the Indian economy return to growth.
The announcement came hours after the company announced its fourth quarter earnings recording a total payment volume (TPV) of $277 billion, growing 39 per cent. The company reported 36 per cent on an FX-neutral basis (FXN) with revenue of $6.12 billion, growing at 23 per cent. The company also boasted that it has added 16 million net active accounts during the period. PayPal declared financial year 2020 saw its strongest performance in its history. Last year, the company also forayed into cryptocurrencies, giving users access to the virtual currency.