Focus: Focus on cross-border remittance. Now PayPal's Indian business is mainly divided into two parts. Some of them focus on helping domestic brands in India, such as Myntra, Swiggy and BookMyShow, to process payments through payment gateway services. The other part focuses on cross-border remittances from exporters and small businesses. A PayPal spokesman said:? For us, we should do one thing well, that is, cross-border trade business, instead of focusing on multiple businesses at the same time. We can't do everything here. In India, we will no longer provide payment networks and aggregation services. We will ensure that the customers and employees here can successfully pass the transition period. ?
The company said: Last year, we handled international sales worth $6,543.8+$400 million for Indian businessmen. We will continue to invest in product development, so that Indian enterprises can reach nearly 350 million PayPal consumers around the world, increase their international sales, and help India's economy resume growth. We will concentrate on achieving more international sales for Indian enterprises and divert our attention from domestic products in India. This means that India will no longer provide domestic payment services. ? .
PayPal is a payment option for many online applications in India, such as travel and ticketing service MakeMy Trip, online movie booking application BookMyShow and food delivery application Swiggy.
In recent years, India has become one of the biggest battlefields for global mobile payment companies. Dozens of heavyweight companies, including Paytm, PhonePe, Google and Amazon, are competing with each other to increase their share in India. It is estimated that by 2023, the size of the Indian market is expected to reach 1 trillion US dollars. Some of these companies also provide a series of payment services for merchants.
A PayPal spokesperson said that when the epidemic broke out in India, it began to plan how to optimize its business, and finally decided to focus on helping Indian businesses wishing to conduct cross-border trade and export to conduct cross-border remittance business. It is understood that in India, PayPal has three technical centers, namely Bangalore, Chennai and Hyderabad, as well as a business development team, and will fully focus on remittance business. PayPal India Technical Center is also the largest technical center of PayPal outside the United States.
In fact, PayPal started its business adjustment a long time ago. Previously, dozens of sales positions will be abolished internally. PayPal said that this is because the business is streamlined, not affected by the epidemic. A PayPal spokesperson said that during the epidemic, PayPal did not lay off employees, but now the company should constantly evaluate the structure, process and resource application, and make some changes in response to new needs and development. It is not clear how many Indian employees will leave PayPal after the Indian payment service is closed. PayPal has been providing cross-border payment support in India for more than ten years. After entering India, Indian consumers can pay merchants online in local currency.
Indian news media Morning Background once reported that PayPal would give up its local payment business in India, but the company refuted this statement at that time. ? With the shift of work focus, some PayPal employees have been reassigned to new teams. Our focus is to minimize the impact on employees from beginning to end. Generally speaking, the number of our employees in India is increasing, not decreasing. We are currently recruiting a large number of people all over India. ? .
Nevertheless, this move is surprising. The company has said that they are establishing a UPI (Unified Payment Interface) payment service supported by Indian Railways, which indicates that PayPal's investment level in India has improved. Over the years, PayPal has also cooperated with a series of popular Indian companies to provide a faster checkout experience, such as ticketing services? BookMyShow？ And then what? MakeMyTrip？ There is also a food distribution platform? Swatch? Wait a minute. At the time of writing, PayPal's website in India seems to have deleted all these references.
In recent years, India has become one of the biggest battlefields for global mobile payment companies. Dozens of companies including Paytm, PhonePe, Google, Amazon and Facebook are competing to increase their investment share in India. It is estimated that by 2023, the value of mobile services in the Indian market will reach $65,438+0 trillion. PayPal said that it handled international sales worth $654.38+04 billion for Indian businesses last year, and added:? Our company will continue to invest in product development, so that Indian enterprises can reach nearly 350 million PayPal consumers around the world, thereby increasing their international sales quota and helping India's economy to resume growth. ?