With a statement issued on Friday, PayPal Holding Inc informed the stakeholders that it will stop domestic operation in India. The company plans to dedicate its operations fully on cross border transactions.
Why PayPal is Shutting Down Within India Operations?
PayPal surprised everyone with a sudden announcement about shutting down Indian operations. The company will still continue with Indian businesses that need cross border activities.
The company did not provide any specific reason to close internal transaction services in India. PayPal is one of the payment options in Indian online apps while availing services related to online travel booking, movie booking, food ordering, paying bills in hotels, and others.
From October 2020, PayPal has allowed its users to hold cryptocurrencies like Bitcoin in their online wallets. The company also allows customers to shop through cryptocurrencies.
PayPal is one of the largest US companies to provide cryptocurrency-related services. PayPal is based in San Jose, California. The company is planning to promote the use of virtual currency worldwide.
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” Paypal President and CEO Dan Schulman said.
From next week, US account holders can buy, sell, and hold cryptocurrencies in their wallets. The company is planning to extend this operation worldwide from 2022.
Other major US Fintech companies like Robinhood and Square have already started buying and selling operations of Cryptocurrencies.
PayPal Revenue, Income, and Transactions Details
PayPal was founded in 1998 as Confinity. Peter Thiel, Elon Musk, Max Lavchin, Ken Howery, Luke Nosek, and Yu Pan are the cofounders of PayPal. The company is an alternative to the paper-based money transfer worldwide. Currently, it has around 24000 employees.
Send money, receive money, pay online, create merchant account are a few of the major features of PayPal. The company started its Initial Public Offering in 2002. eBay is the parent company of PayPal. 77% of top 500 US retailers have accepted PayPal for financial activities.
PayPal’s Venmo app is very popular in the US. Through this app, you can perform mobile money transfers. The app processed a $47 billion payment in 2020. This amount is 60% greater than the payment processed in 2019. PayPal recorded an earning of around $2.5 billion in 2019 with total revenue of $17.77 billion.
In 2020, the company added 72.7 million active accounts. Q4 of 2020 saw an exponential surge in PayPal’s business. With a 39% raise, it processed payment of $277 billion in Q4. PayPal stock saw a total growth of 116% last year.