PayPal is coming to India. The Global digital payments major announced its India operations on Wednesday, the day country marks the first anniversary of demonetisation. The company said that it is launching operations in India after offering cross-border payments in the country for close to a decade.
“At launch, Indian consumers can use PayPal to shop online at some of India’s most popular businesses,” PayPal said in a statement. The Indian government’s recent push towards digital payments has also led PayPal to partner with government and state-owned banks on a number of initiatives, including digital financial literacy programme and eTourist Visa (eTV), the company said.
“We will be targeting the Global Indian and have partnered with merchants catering to this segment giving them a truly global seamless payments experience,” Anupam Pahuja, country manager and managing director, PayPal India said. PayPal is a payment gateway which connects buyers and sellers for online transactions, unlike payment wallets which enable users to store a value like physical wallet along with making payments.
“India is transitioning away from our biggest competitor – cash – and our digital platform and technology have immense scope to enable this at scale. For us, the marathon has just begun,” Anupam Pahuja added.
PayPal, with a whopping 75% rise in its share price since the beginning of the year has not only surpassed American Express, but has inched closer to Morgan Stanley and Goldman Sachs in terms of market value.
The California-based mobile payment company witnessed a swift growth from its $47 billion value a little over two years ago to about $83 billion last week, while American Express’ value stood at $82.1 billion. PayPal’s worth is just $6 billion less than Morgan Stanley and about $10 billion less than Goldman Sachs. Sharp growth in mobile payments led PayPal to report a better-than-expected third-quarter profit.
Last year, PayPal partnered with Facebook Messenger, allowing more than 2.5 million US customers to connect their accounts, use PayPal to shop on Messenger and enable Messenger as a means of communication for PayPal users.