PayPal users Beware in India!
Starting in April, PayPal Holdings Inc announced to close the shutters on its domestic payment company in India. Instead, the San Jose, California-based company has chosen to concentrate on its cross-border payments market, continuing to allow Indian merchants to pay for their services to customers around the world.
In simple terms, from April 1, Indians will no longer be able to make use of PayPal’s payment services.
In addition to Paytm and Google Pay, PayPal is one of the most common online payment options available in India, used mostly in apps such as MakeMyTrip travel and ticketing service, Swiggy food delivery app, and BookMyShow online film booking app. Indian users will have to start being accustomed to using other payment methods from April 1.
We will concentrate all our attention from 1 April 2021 on allowing more foreign sales for Indian companies and moving the focus away from our domestic focus in India,” said PayPal.”
PayPal has major plans for the future, including the option to allow customers to keep the famous Bitcoin cryptocurrency and other virtual coins in their online wallet. Customers will be able to spend on their network cryptocurrencies to shop at the 26 million merchants. This move will elevate the company headquartered in California to become one of the largest companies in the United States to provide access to cryptocurrencies to its customers. It will also have the ability to carve a space for themselves to stand as viable payment methods for Bitcoin and other cryptocurrencies.
PayPal aims to promote the use of digital currencies by doing so. “We work with central banks and think about all kinds of digital currencies and how PayPal can do its job,” said Dan Schulman, president, and chief executive of PayPal.
This will allow clients from early 2022 to buy, promote and retain cryptocurrencies in their PayPal wallets. In the first half of 2021, the company also expects to extend the service to its peer-to-peer cost app, ‘Venmo’.