Science

PayPal launches domestic service in India

The option of payment through PayPal will now be available on various online stores such as bookmyshow, makemytrip, firstcry, yatra, Thomas Cook, fernsnpetals, bharat matrimony, etc. PayPal is bullish about the future of digital payments in India, which is one of the main reasons why the company has launched operations in India.

According to a statement from the company, PayPal has been offering cross-border payments in India for close to a decade.

Features of the domestic payment services include one touch, buyer and seller protection, refunded return and a 180-days dispute resolution window.

"Over two decades we have focused on products, services and strategic partnerships with a singular focus of becoming a champion for our customers, helping millions of people around the world participate in the digital economy".

PayPal's senior vice president Rohan Mahadevan said that they are proud to be a part of the country's soaring digital payments business, adding that they are excited on their prospects in a market that is highly inspirational and aspirational.

PayPal enters India as payment aggregator.

PayPal already has a long history of offering cross-border payments in India, which has enabled small and medium-sized enterprises as well as freelancers to leverage the global opportunity. PayPal has also set up a local customer service centre with multi-lingual capabilities and it plans to educate customers about its services through a dedicated ground team, which the company believes will increase user engagement. India is transitioning away from our biggest competitor - cash - and our digital platform and technology has huge scope to enable this at scale. PayPal's entry comes at a time when Chinese giant Alibaba's payment arm Alipay is planning to expand into the United States, the home market of PayPal. "For us, the marathon has just begun". PayPal connects a global network of buyers and sellers on it's open payments platform.

PayPal India's managing director and country manager Anupam Pahuja stated that they already have collaborated with sellers catering to these segments, adding that as India is moving away from their major rival, cash, their digital platform and technology will have a broad reach in the country's market. Digital payments giant, however, expressed keen interest in bringing them on board as well. PayPal uses its global reach and scale to have powerful insights into the online and mobile requirements of digital consumers and businesses around the globe. Recently, the Indian government also moved to digital payment after demonetizing old currency notes.



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