Wednesday, November 8, 2017
PayPal Unveils Global Indian Single Account for Domestic and Cross Border Transactions
Global technology platform and digital payments leader PayPal Holdings, Inc has announced the launch of its domestic operations in India. At launch, 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 has been offering cross-border payments in India for close to a decade enabling SMEs and freelancers to leverage the global opportunity. PayPal brings to India two decades of digital payments experience from across 200 markets and a scalable two-sided platform and network which facilitates transactions in a secure manner. PayPal offers a compelling set of services designed to help consumers shop online with confidence and merchants to differentiate themselves in today’s increasingly digital world. Features including One Touch, Buyer and Seller Protection, Refunded Return and a 180-days dispute resolution window are just some of the benefits available at launch, setting the stage for a differentiated payments experience.
Rohan Mahadevan, CEO PayPal Private Limited & SVP, General Manager, APAC at PayPal said, “Today, is a landmark day for us at PayPal as we launch our domestic service in a market which has all the 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 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.”
Anupam Pahuja, Country Manager and Managing Director, PayPal India said: “Developing economies are strongly driven by aspirations and no opportunity is bigger for us than India. 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 has immense scope to enable this at scale. For us, the marathon has just begun.”
With the launch of domestic services, PayPal has expanded its commitment to India. In order to service the local Indian customer, PayPal has set up a customer service centre in India with multi-lingual support capabilities and on ground sales team to drive customer engagement and education.
A key differentiator for PayPal lies in its two-decade track record of making payments secure online. Now with 218 million active accounts in more than 200 markets, PayPal connects a global network of buyers and sellers on it’s open payments platform. The company’s global reach and scale enable PayPal to have powerful insights into the online and mobile requirements of digital consumers and businesses around the globe and an advantage in leveraging data to keep its customers safer and more secure.