Trending

Stories

PayPal to withdraw its services from India soon

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

PayPal reportedly is shutting down business in India, less than four years after they started local operations in India. “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,” said a company spokesperson.

The long statement issued by the American giant did not list the reasons behind shutting down its business in India. However, a report claims that the main reason behind Paypal’s decision was that the company failed to make inroads in India.

Also Read

Whatever the reason may be, the news indeed comes as a surprise to everyone. It was only last year that the company asserted that it was building India’s payments service powered by India’s UPI railroad.

It further indicated that the company was expanding its investments in the Indian market. Moreover, PayPal had also partnered with a range of popular Indian businesses such as BookMyShow and MakeMyTrip, and the famous food delivering system Swiggy. But as of now, PayPal had removed any such references.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

Indian mobile payments market is one of the richest ones globally. Credit Suisse had crunched the numbers and revealed that the Indian mobile payments market is estimated to reach $1 trillion by 2023.

Needless to say, there are several payments platform engaged in a vicious knot of trying to dominate the market. Paytm, PhonePe, Google, Amazon, and Facebook are just some of the companies competing against each other.

Several of these firms also offer a range of payment services for merchants.
PayPal had also mentioned that it has processed $1.4 billion worth of international sales for merchants in India last year.

They further added that it will continue to invest in “product development that enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally and help the Indian economy return to growth.”

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly  OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors
Tesla’s S & Y Models Earn Best-in-Class Cars of 2022 India Approved $320m to Promote Homegrown Payments Network Twitter Roll Out TikTok-like ‘For You’ Timeline on iOS Nothing Phone Enters US with Beta Membership Program Finally! Apple’s VR Headset Coming this Spring Harvard Scientists Develop New Cell Therapy to Kill, and Prevent Brain Cancer HTC Vive XR Elite VR/AR Headset Now Selling for $1099 Realme 10 Launched in India with Helio G99 Gaming Chipset