IT Correspondent
Mumbai, Feb 8:
“PayPal” will wind down its domestic payments business in India from April 01 and will instead focus on its cross-border payments business, allowing global customers to be able to pay Indian merchants using the service, the company said in a statement on Friday.
“From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India,” the company said. “This means we will no longer offer domestic payment services within India from 01 April, 2021 onwards.”
PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMyTrip, online film booking appBookMyShow and food delivery app Swiggy.
In October last year, PayPal said that it will allow customers to hold Bitcon and other virtual coins in its online wallet and shop using crypto currencies at the 26 million merchants on its network.
The new service makes PayPal one of the largest US companies to provide consumers access to crypto currencies, which could help Bitcoin and rival crypto currencies gain wider adoption as viable payment methods.
The San Jose, California-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop.
US account holders will be able to buy, sell and hold crypto currencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021. The ability to make payments with crypto currencies will be available from early next year, the company said.
Other mainstream fintech companies, such as mobile payments provider Square and stock trading app firm Robinhood Markets, allow users to buy and sell crypto currencies but PayPal’s launch is noteworthy given its size.
How to close down PayPal app ?
To close down PayPal app, the user has to go to settings, clock the account under Account options and follow the instructions. Before the PayPal account is closed down, the user has to remove financial information(card and bank account). Withdraw money from the PayPal account to the bank account, then all pending payments will be automatically cancelled. To manually close the account, the user must be logged into the PayPal website. This functionality is not available on the PayPal app.
