As per reports from The Economic Times, PayPal, the Leading Global Payment Company, is going to start its services in India from next week. PayPal has collaborated with some Indian merchant to start its operations in India.
PayPal has not taken prepaid payment instrument (PPI) license from Reserve Bank of India but will be using UPI infrastructure for domestic payments. There will be a digital wallet in PayPal India. There were also talks of PayPal investing in Flipkart owned PhonePe.
Currently, Indians can also use PayPal for cross-border payments like payment for any good or service abroad. PayPal.me is a product of PayPal and is used mainly by freelancers and small businessman providing services or selling goods and services across the border.
Merchants will be able to create an account on PayPal and will receive payment without giving their bank account details and IFSC code. As soon as the PayPal starts in India, it will become tough competition for other payment apps such as Paytm, Bhim, PhonePe, Google’s Tez, Amazon Pay, etc.
PayPal has also been making efforts to make a good team of people in India. Last year, PayPal appointed Anupam Pahuja as Director and country Manager, Gunjan Shukla as CFO and Siddhartha Dhamija as head of growth and large merchant acquisition for India.