November 9, 2017
After a decade of processing cross-border payments for Indian merchants, yesterday PayPal unveiled its domestic payment solution in India. Industry observers expect explosive e-commerce growth in India in the coming years and, in less than 20 years, it could pass the U.S. as the second-largest market in the world after China. PayPal hopes to tap into this growth and add significant numbers of Indian consumers to its global user base of nearly 220 million. The announcement came on the first anniversary of demonetization in India which is aimed at fostering a transition from cash to digital payments.
“Developing economies are strongly driven by aspirations and India presents opportunities in the digital space,” said Anupam Pahuja, country manager and managing director of PayPal India. “We have partnered with merchants to enable 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.”