Payments giant PayPal has expanded its launched domestic operation in India as it sees massive demand for reliable payment solutions following demonetisation.
The company has been offering cross-border payments in India for close to a decade but it was not allowed for transfer funds from Indian account to another Indian account.
It will now offer payment options to both customers and merchants for domestic transactions.
The company said that consumers can use PayPal to shop online at some of India’s most popular businesses at launch. Merchants offering PayPal will be able to process both local and global payments through PayPal.
Paypal’s domestic payments offers include one touch, buyer and seller protection, refunded return and a 180-days dispute resolution window.
PayPal will partner with government and state-owned banks on number of initiatives, including digital financial literacy programme and eTourist Visa (eTV).
PayPal senior vice-president and chief executive for Asia Pacific Rohan Mahadevan said: “Today is a landmark day for us at PayPal as we launch our domestic service in a market which has all ingredients to become a true digital economy. Over two decades we have focused on products, services and strategic partnerships with a singular focus of becoming a champion for our customers, helping millions of people around the world participate in the digital economy. India’s digital payment journey is on a high growth trajectory and we are proud to be a part of it. We are excited about our prospects in a market that is highly inspirational and aspirational.”