PayPal has decided to close its domestic busines in India and focus on other areas.
In Brief:
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As of 1 April 2021, PayPal will focus on “enabling more international sales for Indian businesses”.
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It won’t offer domestic payment services in the country from that date.
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The payments giant told TechCrunch its workforce will only expand in the country.
What does this mean?
PayPal’s domestic service has been in India for four years and works with 360,000 merchants, but had to go up against established local rivals such as Paytm. It's referring to the move as a “shift in focus” in how it approaches the market.
