After giving Indian consumers cross-border payments for almost 10 years, global digital payments giant PayPal today officially launched its India operations.
“Indian consumers can use PayPal to shop online at some of India's most popular businesses. Merchants offering PayPal will be able to process both local and global payments through PayPal, getting access to PayPal's 218 million customers around the world and in India through a single integration,” Paypal said.
Owing to the Indian government's push towards digital payments, PayPal has also partnered with government and state-owned banks on a number of initiatives, including digital financial literacy programme and eTourist Visa (eTV), the company added.
"We will be targeting the Global Indian and have partnered with merchants catering to this segment giving them a truly global seamless payments experience. "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," emphasised Anupam Pahuja, Country Manager and Managing Director, PayPal India.
Paypal will focus on buyer and seller protection and offers a 180-days dispute resolution window, which simply means PayPal will refund the money if an online seller is not able to deliver the goods to the designated customer. On the contrary, PayPal will also pay the merchant in case the customer fails to pay for the goods.
The company plans to enter India at a time when players like Paytm, Amazon Pay, Google Tez are already pushing their services.
"India's digital payments 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," added Rohan Mahadevan, CEO PayPal Private Limited and SVP, General Manager, APAC.