PayPal has on Friday 5, 2021 announced that it will shut down payment services in India this fiscal year, and related merchant contracts will be terminated on April 1.
According to a PayPal spokesperson, the company had already started plan to optimize its business when the epidemic broke out in India. Finally, they decided to focus on helping Indian merchants who wish to conduct cross-border trade and export to conduct cross-border remittance business.
By the way, PayPal has 3 technology centers in India. It is also its largest technology center outside the US market. Indian operations include PayPal’s payments gateway and aggregator services for online merchants and brands.
“In the early days of the pandemic, when the government’s measures to curb the virus were gaining momentum, we started planning how we can protect our business and optimize our growth here,” the spokesperson told ET.
“India is a very crucial market for PayPal, and after a thorough analysis, we decided that we are best placed here to focus on enabling cross-border trades and exports for Indian businesses aiming to go global.”