On Friday, details came forth about the California based payments app, PayPal’s decision to withdraw its domestic services in India, to come into effect from April 1 onwards.
It’s focus would be on offering cross-border payment services, that is, it will allow users globally to be able to make payments to the Indian merchants.
“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,” said the company. “This means we will no longer offer domestic payment services within India from 1 April.“
PayPal saw a rise of about 16 million net new active accounts during the fourth quarter and this brought up it’s total customer count to 377 million. This led to a 39% increase in its year over year surge of total volume of its payment, that is, it rose to $277 billion. Alongside this growth, its revenue grew by 23% overall, to $6.1 billion.