PayPal has been offering cross-border payments in India for almost a decade.
Therefore, we have extremely aggressive plans for India and it's a strategic priority for PayPal. With the launch, Indian customers - both customers and merchants - now can do domestic transactions. Merchants accepting PayPal will be also able to process both local and global payments through PayPal and get access to the payment processor's more than 218 million customers around the world and in India, reports Reuters.
Back in August, PayPal set up innovation labs in India to explore growth in areas like artificial intelligence, virtual reality, and the Internet of Things.
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These merchants include movie ticket company BookMyShow, travel site Makemytrip, Yatra, and PVR. The digital payments firm is also looking to offer its other products like working capital to micro, small and medium enterprises in India as well.
PayPal's entery to Indian market will be give tough competition to home-grown digital payment companies like Paytm, Mobikwik and government-lauched BHIM app. "We are excited about our prospects in a market that is highly inspirational and aspirational", Rohan added further. The Indian market is now dominated by China's Alibaba-backed Paytm which had made a killing previous year when the country was reeling under cash shortage after the federal government demonetized high value currency notes. For now PayPal will be acting as an aggregator in India with Citibank as its nodal partner and ICICI bank as its acquiring partner.
The firm has not yet decided on the launch of its payment wallet in India. However, it is yet to take a call on this. Anupam Pahuja, Managing Director for PayPal India stated, "We are still examining the prepaid instrument guidelines". He added that the company may also launch its other services like consumer credit, peer-to-peer transactions, and remittances among others in future.