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Miguel Cordon · · 1 min readPayPal to close local payments business in India
“PayPal Holdings will wind down its domestic payments business in India from April 1,” Reuters reported, citing a statement from the company.
Details
- The US-based company said it plans to shift its attention to cross-border payments, “enabling more international sales for Indian businesses.”
- This means that global users will still be able to pay Indian merchants through PayPal.
- A PayPal spokesperson told TechCrunch that some workers have been reassigned to different teams and said the payments company is still recruiting across India “in large numbers.” The representative, however, didn’t provide further info.
Context
- Local publication The Morning Context first reported on the development in December 2020, saying that PayPal is starting to scale down its business in India.
- Citing an industry executive with knowledge about the matter, the report said the company had stopped onboarding new merchants, but it was still looking to serve its existing companies.
Edited by Collin Furtado and Eileen C. Ang
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