PayPal will close domestic payment services in India
American digital payment solutions provider PayPal announced that it would cease offering domestic payment services within India from 1 April 2021.
PayPal has further stated that it will now focus on enabling more international sales for Indian businesses. Significantly, PayPal processed $ 1.4 billion in international sales for more than 6 lakh Indian merchants in the year 2020.
Thus, the company has decided to divert attention from domestic products in India.
Key Point PayPal has further stated that it will now focus on enabling more international sales for Indian businesses.
With this decision, PayPal will not be able to offer domestic payment services within India.
High Court's stand on the issue:
Delhi High Court seeks Financial Intelligence Unit (FIU) response to US online payment gateway PayPal's plea. Thus, Justice Pratibha M. Singh issued notice to the FIU and asked it to present its stand on the petition of PayPal by 26 February.
The Reserve Bank of India (RBI) has also been made a party in the matter. The RBI and the Finance Ministry have been directed that a committee will be formed to take a policy decision on whether an entity like PayPal can be considered as a reporting agency. The court also asked whether they would have to stop money laundering Law (PMLA).
PayPal
It is an American company that operates an online payment system. It also serves as an electronic option for checks and money orders to conduct transactions.
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