PayPal formally launches India operations
American digital payments player PayPal, which has been operational here for the past one decade, today formally launched its domestic operations.
Under its services, PayPal India will offer global Indians a single account for their domestic and cross-border transactions.
The company also has plans to bring in its other global services like merchant credit and forex remittances.
PayPal India will offer buyer and seller protection along with six months claim window, free return shipping and its globally famous ‘one-touch help’ that skips login enabling a frictionless checkout to begin with, Rohan Mahadevan, SVP PayPal APAC, said in Mumbai.
With this, domestic consumers can use PayPal to shop online at some of the country’s most popular businesses and merchants offering PayPal will be able to process both local and global payments, getting access to PayPal’s 218 million customers around the world through a single integration.
The Nasdaq-listed PayPal Holdings had $10.8 billion revenue in 2016 from a volume of $354 billion, Mahadevan said but did not say how much profit it had made in the year.
The company did not offer any India-specific detail like existing customer base, revenue share from here, and transaction volumes among others, investment details and even the number of people employed here, citing it being a private company here.
Globally PayPal is present in over 200 markets, and focuses on SMEs and freelancers to leverage the global opportunity.
Without offering any specifics, Anupam Pahuja, country manager and managing director at PayPal India, said, they want to be a dominant player in the country’s digital payments marketplace.
With the launch of domestic services, PayPal has set up a customer centre in the country with multi-lingual support capabilities and on ground sales team to drive customer engagement and education.