San Jose, California-based PayPal will instead focus on its
cross-border payments business, which means global customers will still be able
to pay Indian merchants using the service.
"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," the company said.
"This means we will no longer offer domestic payment
services within India from 1 April."
PayPal was a payments options on many Indian online apps
such as travel and ticketing service MakeMy Trip, online film booking app
BookMyShow and food delivery app Swiggy.
In October last year, PayPal said that it will allow
customers to hold Bitcoin and other virtual coins in its online wallet and shop
using cryptocurrencies at the 26 million merchants on its network.
The new service makes PayPal one of the largest US companies
to provide consumers access to cryptocurrencies, which could help Bitcoin and
rival cryptocurrencies gain wider adoption as viable payment methods.
The San Jose, California-based company hopes the service
will encourage global use of virtual coins and prepare its network for new
digital currencies that central banks and companies may develop, President and
Chief Executive Dan Schulman said in an interview.
"We are working with central banks and thinking of all
forms of digital currencies and how PayPal can play a role," he said.
US account holders will be able to buy, sell and hold
cryptocurrencies in their PayPal wallets over the coming weeks, the company
said. PayPal plans to expand the service to its peer-to-peer payment app Venmo
and some other countries in the first half of 2021.
The ability to make payments with cryptocurrencies will be
available from early next year, the company said.
Other mainstream fintech companies, such as mobile payments
provider Square and stock trading app firm Robinhood Markets, allow users to
buy and sell cryptocurrencies, but PayPal's launch is noteworthy given its
size.
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