The US-based online payment service provider, PayPal Holding Inc, announced that it will be closing down its domestic payment services in India, Reuters reported.
Paypal was a payment option in many online booking and ordering platforms like Swiggy, MakeMyTrip, and BookMyShow.
The company, in a statement on Friday, said that it will be stopping the intercountry payments in India and focus only on international payments.
This means that merchants will still be able to pay Indian businesses. However, payments from one party to another within the country will not be available.
The decision will come into effect from April 1.
The company’s decision of terminating the sale of its domestic product was made to draw the company’s focus into enhancing the international sales of Indian businesses.
The company spokesperson said that the company believes that it can play a key role in recovering the Indian economy. The current aim of the company is to assist their customers more in those areas where they need it.
It assured that it will continue to invest in the product development of small to medium Indian enterprises to strengthen their international sales.
According to the company reports, Paypal has 377 million active merchant accounts as of 2020.