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PayPal is shutting down domestic payments business in India

Labeled as news in Domain Industry News, started by Isac, Feb 6, 2021

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  1. Isac

    Isac Domainglo.com VIP

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    PayPal is shutting down its domestic business in India, less than four years after the American giant kickstarted local operations in the world’s second-largest internet market.

    “From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India. This means we will no longer offer domestic payment services within India from 1 April,” said a company spokesperson.


    The story was updated with additional details provided by PayPal.

    Source : https://techcrunch.com/2021/02/04/paypal-is-shutting-down-domestic-payments-business-in-india/
     
    Last edited: Feb 6, 2021
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  2. Samer

    Samer Top Contributor VIP

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    Paypal.
     
    Last edited: Feb 6, 2021
  3. du6262

    du6262 Established Member

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    PayPal doesn't support it in China either:xf.frown:
     
  4. Haroon Basha

    Haroon Basha IZUQ.COM VIP Gold Account

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    Very good indeed as it was charging exorbitant fees, while people have hundreds of better charges alternatives
     
  5. Debasis

    Debasis Restricted (Market)

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    Yes.Because There are some alternatives like Google pay and Razorpay etc
     
  6. AK85

    AK85 covd.com Gold Account

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    Why use PayPal when you can use btc or eth? Trust me, you don't.
     
  7. Domainstore

    Domainstore Top Contributor VIP ★★★★★★★★★★

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    Which ones? I have problems with Paypal. froze account for a violation, they said. But they kept 770 USD !!! (in fact in Europe).
     
  8. Haroon Basha

    Haroon Basha IZUQ.COM VIP Gold Account

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    I said closing down business in India is indeed Good
     
  9. Meadows

    Meadows Upgraded Member Blue Account

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    This will all be too much for them. There are other services and cryptocurrency.
     
  10. Isac

    Isac Domainglo.com VIP

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    What will be a best way while selling domain on low cost eg: $ 100
     
  11. Gube

    Gube 48hr.com VIP

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    Transferwise, or Payoneer maybe?
     
  12. matt3214

    matt3214 ichanx.com Blue Account

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    It is just within India, right? So, there is no problem if I send or receive payment from my Indian partner
     
  13. TycoonDomainz

    TycoonDomainz Upgraded Member Gold Account

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    I don't think there will be a problem in that, since it's just domestic but I can't be sure.
     
  14. Sourav Patel

    Sourav Patel Established Member

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    Ya...it's only for domestic INR to INR payments. International payments are still the same. No issues. I think this is a good step as there is UPI in India which is easier, faster, and no fees. The transfer limit per day is 1,00,000 INR (~$1373.34) which is great.
     
  15. Isac

    Isac Domainglo.com VIP

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    Was paypal local allowed in India before that ban because i was unable to send money through paypal locally from one state to another in India
     
  16. Furquah

    Furquah Brand Ambassador INDIA Epik.com Staff VIP

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    What I get from this news is that 'Indian people no longer pay using PayPal locally but indian are allowed to get paid in their PayPal account from around the world.

    There is UPI payment system locally which is more better and most time we don't pay any fees..
     
  17. Sourav Patel

    Sourav Patel Established Member

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    Yes...It was allowed as I have tried sending money from one of my Paypal to another and it worked. But you can't send currency in $ USD to another Indian Paypal user. It must be in INR.

    I get to learn about it when someone from India tried to buy a product (which was priced in USD) from my dropshipping store and it was showing an error.
     
  18. MapleDots

    MapleDots Top Contributor VIP

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    This is not a surprise, the writing was on the wall for that.

    Never fear, a local version will win out.
    As the years go on big conglomerates like paypal, visa, mastercard etc will face more and more homegrown competition.
     
  19. DNPush

    DNPush Established Member

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    ???
    You can't?
     
  20. Zilla

    Zilla KEEP or DROP dnsilo.com VIP ★★★★★★★★★★

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    So, it is time for India local company scale up India own payment system if not yet( is it call pioneer?)...keep moving, make a real digital "e" India...

    Best Regards
    Zilla, ceo#eindia*net
    *an immerse AD placement for my domain*😃

    well, we use paypal..that is easy, at least for me, I use my paypal since I am here...no any issue, no matter send or receive money.

    but within China, we normally use our own payment system(alipay or wechatpay), which is very powerful and safe system...we dont use paypal in our daily life....no such needs or scenarios...even during global traveling...shopping via alipay still our first choice...(or credit cards while alipay not avai.)
     
    Last edited: Feb 8, 2021
  21. DNPush

    DNPush Established Member

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    这。。。
    我知道:xf.wink:
     
  22. DigitalRoar

    DigitalRoar Investor & Creator VIP Gold Account

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    Was going to say why not just use crypto but then I remember it's getting banned. That's tough
     
  23. Isac

    Isac Domainglo.com VIP

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    I also heard its getting banned as its taking powers away from govt.
     
  24. Videofileco

    Videofileco Established Member

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    For those wanting the buyer protection etc, I think its really bad news for users of PayPal in India.
     
  25. topdom

    topdom Top Contributor VIP

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    Paypal was nice at the beginning but they became an evil company recently. I was wondering how they were making money.. They freeze accounts, and steal money, and prevent withdrawals, and ignore messages or reply with nonsense. Maybe they lost lots of money on financial casino, and being an evil thief was the only solution.
     
    Last edited: Feb 8, 2021

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