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PayPal Holdings Inc will wind down its domestic payments business in India from April 1, the company said in a statement on Friday. San Jose, California-based PayPal 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, the company said. This means we will no longer offer domestic payment services within India from 1 April. PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy. ....
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. ....
As PayPal ends domestic transactions in India, here's how it will affect users, merchants - The California-based company is widely known for making markets accessible to online sellers and helping them reach customers all over the world. ....
PayPal to shut domestic payments business in India - How will it affect you? freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
January 18, 2021 The Delhi High Court on Monday stayed a penalty issued by the Finance Ministry’s Financial Intelligence Unit (FIU) against PayPal Payments Private Limited, the global payments giant’s Indian arm, according to LawStreet India. In December 2020, the FIU imposed a ₹96 lakh penalty against PayPal India over non-compliance with norms laid out in the Prevention of Money Laundering Act, 2002 (PMLA). PayPal filed a case with the Delhi High Court challenging the FIU penalty earlier this year. While the court has stayed the penalty, subject to PayPal providing a bank guarantee, it has asked the Reserve Bank of India and the Ministry of Finance to clarify its stance on companies like PayPal’s reporting to the FIU. ....