American digital payments company PayPal on Wednesday announced the launch of its domestic operations in India, exactly a year after the shock demonetisation. PayPal has been offering cross border payments in India for close to a decade and claims to control a third of India's B2C export payments. The company will take on established players like Paytm and Amazon Pay in the Indian market.
PayPal India will offer global Indians a single account for their domestic and cross-border transactions. The company also has plans to bring in its other global services like merchant credit and forex remittances. PayPal India will offer buyer and seller protection along with six months claim window, free return shipping and its globally famous 'onetouch help' that skips login enabling a frictionless checkout to begin with, said Rohan Mahadevan, SVP Pay-Pal APAC.
With this, domestic consumers can use PayPal to shop online at some of the country's most popular businesses and merchants offering PayPal will be able to process both local and global payments, getting access to PayPal's 218 million customers around the world through a single integration.
The Nasdaq-listed PayPal Holdings had USD 10.8 billion revenue in 2016 from a volume of USD 354 billion, Mahadevan said but did not say how much profit it had made in the year. The company did not offer any India-specific detail like existing customer base, revenue share from here, and transaction volumes among others, investment details and even the number of people employed here, citing it being a private company here.