(Reuters) - Payment processor PayPal Holdings Inc on Wednesday launched domestic operations in India, a market already dominated by China's Alibaba-backed PayTM, the country's leading digital 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 online payment industry is pegged to grow ten-fold to $500 billion by 2020. (http://reut.rs/2jaXbiS)
"India is transitioning away from our biggest competitor - cash - and our digital platform and technology has immense scope to enable this at scale," Anupam Pahuja, country manager and managing director, PayPal India said.
"For us, the marathon has just begun."
Alphabet Inc's Google launched a localized payments app for India in September, trying to gain a foothold in the country's rapidly-growing digital 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 PayPal 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 India.
(Reporting by Aparajita Saxena and Roopal Verma in Bengaluru; Editing by Shounak Dasgupta)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app