People in India have been already using PayPal, but most of these were international transactions. However, things will change, as PayPal has launched its India operations. The option of payment through PayPal will now be available on various online stores such as bookmyshow, makemytrip, firstcry, yatra, Thomas Cook, fernsnpetals, bharat matrimony, etc. PayPal is bullish about the future of digital payments in India, which is one of the main reasons why the company has launched operations in India. PayPal is already a popular name in India, as freelancers and SMEs have been using the service since around 10 years for processing overseas transactions. This has been very beneficial, as it has been a source of revenue for both individuals and the country. It is essentially export earnings through either services or goods.
PayPal will also be available for merchants, who will be able to access the huge customer base of PayPal, which is approximately 218 million. PayPal has also partnered with the government and several public sector banks to lend its expertise in various initiatives such as digital financial literacy programme and eTourist Visa (eTV). Speaking about the development, Anupam Pahuja, Country Manager and Managing Director, PayPal India said, “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.”