PayPal in a surprise move has announced that it will officially shut down its domestic business in India starting April 1, 2021. PayPal, the popular online payments system provider today in a statement (via Reuters), said that it will shut down the domestic payment services within India from April 1, 2021.
Now, what this really means for PayPal users in India? Well, PayPal users in India don’t really have to worry about this as they will still be able to receive money from global customers and global customers will also be able to pay Indian merchants using the service.
PayPal has said that instead of focussing more on the domestic payments business it will now focus on its cross-border payments business. Notably, PayPal in India has been serving its services as a payment gateway for various merchants reside in India such as Myntra, Swiggy, BookMyShow, etc, and cross-border payments for businesses.
PayPal started its domestic payments business in India back in 2017 and since then its business grew rapidly in the country. Currently, big names such as Google, Amazon, WhatsApp, Paytm are also among the top domestic payments service provider in India.