New Delhi: Digital payment solutions provider Paypal has said that it will stop offering domestic payment services in India from April.
The US firm plans to instead focus on enabling more global sales for businesses in India.
“We will continue to invest in product development that enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales globally, and help the Indian economy return to growth,” a PayPal spokesperson said.
The payments firm said it processed $1.4 billion worth of global sales for over 360,000 merchants in India last year.
PayPal can have a positive impact in India’s economic recovery by moving its business to support customers where they need it most, the spokesperson added.
“From April 1 we will focus on enabling more global sales for Indian businesses, and shift away from our domestic products,” the spokesperson said.
Paypal is a payment option on platforms like Swiggy and BookMyShow.com.