PayPal May Re-Open its Passage to India

India ecommercePayPal is evaluating options to bring its full suite of payment offerings to India, according to a Times of India article.

PayPal, which was split from eBay last week, has struggled in the Indian market in the past, as it faced issues with the Reserve Bank of India. The RBI wanted the company to transfer the money held in its accounts to a bank within a pre-determined period, limiting its traditional functions.

Currently, PayPal facilitates cross-border purchases for merchants and consumers in India. Globally, about 24% of the PayPal’s business comes from this line.

“We are looking at our options to see what we can bring to India,” Vikram Narayan, managing director and country manager at PayPal India, told Economic Times. “We are talking to merchants and customers to see their pain-points. I can’t give you a timeframe.”

India is an important geography for the company after its separation from parent eBay. And the competition is fierce as a slew of digital wallets and payment service providers are raising billions of dollars to take pole position in the market.

Companies like Paytm have partnered with Alibaba, which has its own payment arm Alipay. Indian ecommerce giant Snapdeal is also looking at the financial services space.

Narayan said PayPal is confident about its role in the Indian market. Narayan said PayPal has hundreds of thousands of merchants in India using PayPal for cross-border trade, and millions of consumers in the country. PayPal also recently acquired Xoom, which is a money remittance company, and Narayan said India is a large remittance destination.

Partner Content

3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Build the Foundation for Great Customer Experiences - NetSuite
Understand how consistent, timely, relevant and personalized experiences are enabled by having the right technology foundation in place.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.