The American payments giant seems to be abandoning its local payment processing business to focus on cross-border payments.
It looks like PayPal, the American payments processing giant, is beginning to scale down its domestic business in India, according to multiple partners and recently departed employees who spoke with The Morning Context. PayPal India, these people say, has intimated card network partners that they are “pausing” their domestic business and that they will stop onboarding new merchants from March 2021. The company will continue to offer its cross-border payments service in India.
“PayPal is saying that it will stop onboarding new merchants but will continue to service existing customers. This clearly means if you will not add new ones …
Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.