PayPal launches domestic payments in India
Paypal has launched its domestic operations in India with its new domestic payments system. Now consumers and selected Indian merchants can use Paypal for domestic payments.
Paypal has been offering cross-border payments in India for years but it was not allowed for transfer funds from Indian account to another Indian account.
After demonetization, India’s digital payments count went up. So, Paypal saw a huge market demand and decided to launch its domestic operation in the country. Even if the entry is late, Paypal is a known name. So, it can easily attract consumers.
Paypal’s domestic payments include 180-days dispute resolution window. It means PayPal will refund the money if an online seller does not send the goods purchased by the customer. Paypal will also have a payment protection for merchants if the customer does not end up paying for the goods.
“PayPal has been offering cross-border payments in India for close to a decade enabling SMEs and freelancers to leverage the global opportunity,” the company said. The Indian government’s recent push towards digital payments has also led PayPal to partner with government and state-owned banks on a number of initiatives, including digital financial literacy programme and eTourist Visa (eTV), the company said.
For now, the merchant payments option is available for selected merchants and it will open to all starting January 2018.
Paypal has also set up an Indian subsidiary with local call centers with multilingual support. It shows Paypal’s aggressive push to compete with Paytm, Mobikwik and PayU money.