The Global Payment Platform, Paypal, has decided to cut down on its domestic payment services in India and extend its resources and energies towards improving international business sales for Indian Products. The changes will come into effect from April 1st. This means that the Indian payments within the country will no longer function from April 1st.
A spokesperson from the digital payment platforms end has confirmed that this decision is being taken to improve the international market of Indian goods and all necessary steps were being taken to ensure it happens smoothly. Payal has three offices in India - Chennai, Bangalore, and Hyderabad. These happen to be some of the biggest offices of the payment getaway outside the US. The company also has efficient business development teams in India.
The Paypal team has said that it would be working to improve development by making sure the Indian products are made available to 350 million Paypal users worldwide. This will increase the reach of Indian products and will certainly boost the economy of the country that had dipped during the COVID situation.
The company has processed about $1.4 Billion worth of International sales for over 3,50,000 Indian merchants who were able to get good rates for their products in the international market. The company has seen an overwhelming growth of about $6.12 billion in the fourth quarter of 2020, which is a breath of fresh air considering the COVID conditions across the world. Seeing the impressive response from the business sector, the platform plans on improving its strategies to help coping businesses regain their stance after the tough times.
The Company’s spokesperson has further stated that - “PayPal is committed to doing all we can to help Indian businesses during these challenging times. The critical role our global payments platform plays in India has only been magnified by the pandemic”.
However, the Indian businesses within the country that rely on Paypal will have to search for an alternative because the services will stop working for them. The main focus of the team will be on improving the international aspects of the business and a small break from the Indian market becomes necessary in this case.