PayPal will shut down its domestic payments business in India from April 1, the company said in a statement on Friday.
It is said that PayPal will instead focus on its cross-border payments business, which means global customers will still be able to pay Indian merchants using their service. This means that PayPal will no longer offer domestic payment services within India from 1 April.
PayPal was an option for payment onto many Indian online apps. It included MakeMyTrip, BookMyShow, and Swiggy. Last year, in the month of October, PayPal said that it will allow users to hold Bitcoin and other virtual coins in its online wallet. To shop using cryptocurrencies at the 26 million merchants on its network.
US account holders will be able to buy, sell and hold cryptocurrencies in their PayPal accounts over the coming weeks which is said by the company. PayPal also says that they have plans to expand the service to its payment app Venmo and some other countries in the first half of 2021.
This made PayPal one of the biggest US companies to provide its users the access to cryptocurrencies, which could help Bitcoin and rival cryptocurrencies gain wider attention as a viable payment method.
