PayPal to shut domestic payments business in India

The company said in a statement on Friday that PayPal Holdings Inc will end its domestic payments business in India as of April 1.

Instead, PayPal, based in San Jose, California, will focus on the cross-border payments business, which means global customers will still be able to pay Indian merchants through the service.

"Starting April 1, 2021, we will focus our full attention on enabling more international sales for Indian companies and diverting the focus from our local products in India," the company said.

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

PayPal has been a payment option in various Indian online applications such as MakeMy Trip ticketing and travel service, BookMyShow online movie booking application, and Swiggy food delivery application.

Also Read: Top 10 Investment Options in India 2021