Paypal, a provider of digital payment solutions, announced on Friday that it will stop offering domestic payment services in India from April 1.
Instead, the US-based company will focus on increasing the international sales of Indian companies.
“We will continue to invest in product development that will enable Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their international sales and help the Indian economy grow,” said a PayPal spokesperson.
The company said it achieved international sales of $ 1.4 billion for more than 3.6 billion distributors in India last year.
PayPal can have the biggest positive impact on India’s economic recovery by directing its business to customers where they need it most, the spokesperson said.
“Starting April 1, 2021, we will devote our full attention to enabling more international sales for Indian companies and distracting attention from our domestic products in India,” the spokesperson said.
The spokesperson said that would mean PayPal will no longer offer domestic payment services in India from that date.