PayPal keen to expand business in India
After its separation from e-commerce major eBay, digital payments company PayPal said it is now free to partner with its founder’s competitors and is keen to expand in India.
“It will make sense for us to tie up with all merchants… we’ll collaborate with all disruptors,” Paypal country manager and managing director Vikram Narayan told reporters.
He said the company that has been doing only cross-border work out of the country, which includes helping local merchants with collection of export payments and international cards for travellers, is focusing on opportunities in the domestic market as well.
The company re-listed on the American bourses yesterday, separating from eBay.
PayPal merchants in India saw healthy double-digit growth for top online export corridors; US (27%), UK (19%), Australia (27%), Canada (16%), Israel (31%) from 2012 to 2013.
Additionally, there was 28 per cent growth in exports by PayPal’s registered merchants in 2013 in India.
Last year, the company created a team to focus on domestic opportunities and employs 1,300 people in the country, with a bulk of them based in development centers in Chennai and Bengaluru, Narayan said, adding that it also has an office in Mumbai which also co-ordinates with RBI.
