PayPal will shut down Indian payment business from 1 April 2021
PayPal announced that it will shut down payment services in India this fiscal year and related merchant contracts will be terminated on April 1.
A PayPal spokesperson said that when the epidemic broke out in India, it had already begun to plan how to optimize its business, and finally decided to focus on helping Indian merchants who wish to conduct cross-border trade and export to conduct cross-border business. PayPal has 3 technology centers in India, which is also its largest technology center outside the US market.
“From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India. This means we will no longer offer domestic payment services within India from 1 April,” said a company spokesperson.
In fact, since August last year, PayPal began business adjustments. Previously, dozens of sales positions would be abolished internally. PayPal said this was because of business streamlining rather than being affected by the epidemic. A PayPal spokesperson said that during the epidemic, PayPal did not lay off employees, and now the company has to constantly evaluate the structure, process, and resource application, and make some changes for new needs and development.
It is not clear how many PayPal Indian staff will leave after the Indian payment service is shut down.