Online payments giant PayPal said yesterday it will halt domestic financial transactions within India, bowing out of a vast market buoyed by recent coronavirus restrictions.
Multinational giants, including WhatsApp, Google, and Alibaba, have for months been locked in a tense battle over the fast-growing digital payments market in the nation of 1.3 billion, expected to be worth US$500 billion (RM2.03 trillion) by 2025.
But PayPal yesterday said it would instead focus on developing more international sales for Indian businesses from April.
“This means we will no longer offer domestic payment services within India from 1 April,” the California-based company added in a statement.
The firm did not say why it was ending its online payments service, available on a number of popular Indian apps.
PayPal said it processed US$1.4 billion worth of international sales for over 360,000 merchants in India last year.