Online payments system PayPal Holdings Inc will shut down its domestic payments business in India from April 1, the company said in a statement on Friday.
PayPal will instead concentrate on its cross-border payments business, which implies worldwide clients can in any case pay Indian vendors utilizing the assistance.
“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,” the company said.
PayPal service in India is used for payments for domestic brands such as Myntra, Swiggy, BookMyShow through the gateway services, and cross-border remittance services for exporters and small businesses.
