PayPal Enters Into Digital Payments Market Of India
With a customer base of 218 million across the globe and an experience of 20 years in digital payments, PayPal enters into the Indian market
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PayPal, one of the well-known companies in digital payments today announced the launch of its domestic operations in India. Indian customers can now use PayPal to shop online at some of India’s popular businesses. Merchants offering PayPal will be able to process both local and global payments through the payment gateway. 218 million consumers around the world and in India under PayPal through a single integration could be reached out through merchants in India.
SMEs and freelancers have been said to gain global opportunities and increase their sales since more than a decade according to PayPal. After gaining an experience of 2 decades in more than 200 markets globally in digital payments, they aim to enter the Indian markets to create a presence in the country. Some of the additional services provided by them include One Touch Buyer and Seller Protection, Refunded Return and 180 days dispute resolution window.
At the launch, Rohan Mahadevan, CEO, PayPal Private Limited and SVP, GM, APAC said, “Today is the landmark day for us at PayPal as we launch our domestic service in a market which has all the ingredients to become a true digital economy. Over two decades we have focused on products, services and strategic partnerships with a singular focus on becoming a champion for our customers, helping millions of people around the world participate in the digital economy. India’s digital payments journey is on a high growth trajectory and we are proud to be a part of it. We are excited about our prospects in a market that is highly inspirational and aspirational.”
With the launch of domestic services, PayPal has expanded its commitment to India. In order to service the local Indian consumer, they have set up a customer service centre in India with multi-lingual support capabilities and on the ground sales team to drive customer engagement and education.
Anupam Pahuja, Country Manager and MD, PayPal India who was present at the launch said, “Developing economies are strongly driven by aspirations and no opportunity is bigger for us than India. We will be targeting the Global Indian and have partnered with merchants catering to this segment giving them a truly global seamless payments experience. India is transitioning away from our biggest competitor -cash- and our digital platform and technology has immense scope to enable this at scale. For us, the marathon has just begun.”
The Indian government’s recent push towards digital payments has also led to a partnership between PayPal and Government and state-owned banks on a number of initiatives including digital financial literacy program and e Tourist Visa.