US online financial services company PayPal Holdings Inc will shut down its domestic payments business in India from April 1, the company announced on Friday.
PayPal said it will instead focus on its cross-border payments business, which means global customers will still be able to pay Indian merchants using the service.
“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. This means we will no longer offer domestic payment services within India from April 1,” the California-headquartered company said in a statement.
Many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy were availing of the Payment services being offered by PayPal in the country.
