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PayPal says it will Shut Down Domestic Payments Business in India From April 1

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PayPal says it will Shut Down Domestic Payments Business in India From April 1

PayPal Holdings Inc will wind down its domestic payments business in India from April 1, the company said in a statement on Friday.

Key Points:

  • Paypal has said that it is shutting domestic payments business in India.
  • We will no longer offer domestic payment services within India said the company.
  • “The ability to make payments with cryptocurrencies will be available from early next year.

PayPal will no longer allow 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.

In India, PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMyTrip, online film booking app BookMyShow, and food delivery app Swiggy.

“This means we will no longer offer domestic payment services within India from 1 April,” said PayPal holdings Inc.

We tell you that last year in October, PayPal said that it will allow customers to hold Bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

The San Jose, California-based company PayPal has the hopes that this service will encourage global use of virtual coins. It will also help to prepare its network for new digital currencies that central banks and companies may develop, President and Chief Executive Dan Schulman said in an interview.

The company has also said that the US account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.

It has also said that it will continue to invest in product development that “enables Indian businesses to reach nearly 350 million PayPal consumers worldwide. increase their sales internationally, and help the Indian economy return to growth”.

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