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PayPal starts payment services in India

Reuters 

(Reuters) - Payment processor Holdings Inc on Wednesday launched domestic operations in India, a market already dominated by China's Alibaba-backed PayTM, the country's leading payments firm.

PayPal's entry in the Indian market comes as a push for cashless transactions by the Narendra Modi-led government is seeing more people use e-wallets and card payments.

The industry is pegged to grow ten-fold to $500 billion by 2020. (http://reut.rs/2jaXbiS)

"is transitioning away from our biggest competitor - cash - and our platform and technology has immense scope to enable this at scale," Anupam Pahuja, country manager and managing director, said.

"For us, the marathon has just begun."

Alphabet Inc's Google launched a localized payments app for in September, trying to gain a foothold in the country's rapidly-growing payments space.

PayPal, the Elon Musk-founded company, will allow Indian consumers to use the platform to shop online at some of the country's most popular businesses.

Merchants accepting will be also able to process both local and global payments through PayPal, getting access to the payment processor's more than 218 million customers around the world and in

(Reporting by Aparajita Saxena and Roopal Verma in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 08 2017. 23:21 IST
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