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February 5, 2021 PayPal India will shut down its payment gateway business in India from April 1, 2021 onward, but it will continue to provide payments services for cross-border trade, a spokesperson from the company said in a statement. The company processed $1.4 billion worth of sales for more than 360,000 merchants in the country in 2020, they said. The company at present has a payments gateway business and cross-border trading platform, enabling local businesses to export their products abroad. “We believe PayPal can have the greatest positive impact in India’s economic recovery by pivoting our business to support our customers where they need us most. 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 1 April,” a spokesperson for PayPal said.

Ministry of corporate affairsMinistry financial intelligence unitPaypal payments privateDelhi high courtPaypal indiaFinance ministryFinancial intelligence unitPaypal payments private limitedMoney laundering actReserve bankUnified payments interfaceMorning contextஅமைச்சகம் ஆஃப் பெருநிறுவன வாழ்க்கைத்தொழில்கள்அமைச்சகம் நிதி உளவுத்துறை அலகுபேபால் கொடுப்பனவுகள் ப்ரைவேட்டெல்ஹி உயர் நீதிமன்றம்