Here is a major trending for PayPal News India regarding domestic payments for business. The founder of United System base payment transfers service provider PayPal, San Jose is announced domestic business, PayPal shutting down domestic payment in India. He majorly focusses on international payments only for Indians.
From April 1st, 2021, PayPal is ceasing the domestic business payments in India, as this is updated on PayPal Policy Update on the website also. San Jose targeting global payment for business as it will allow the user to send and receive international payments via PayPal.
Today many larger business organizations to the individual business person using PayPal for payment gateway, but now many other payment gateways like Razorpay, BillDesk, PayU, UPI etc.s are available for domestic payments.
Why PayPal Shutting Down Domestic Payments in India?
The major reason for PayPal shutting down domestic payment is to target the global economy to get a business network. That clearly shows PayPal tries to increase the criteria of International instead of Domestic Products in India.
Whereas, PayPal has started payment via mobile apps for booking tickets for travelling, movies and more in India. But then PayPal has decided to shut down the domestic payment gateway in India.
San Jones is about to start allowing virtual coins or bitcoins from next year. Which will be part of new digital global network for new virtual currencies. The new upcoming feature of PayPal is a cryptocurrency that will help to spread the Bitcoins & cryptocurrency payment method. The company stated that US account holders will be allowed to buy and sell their cryptocurrencies in PayPal.
We can expect furthermore update in the next few weeks or 2nd half of 2021 by PayPal regarding the same.