PayPal announces that it will close its Indian payment business

According to the latest news, PayPal announced that it will shut down payment services in India this fiscal year, and related merchant contracts will be terminated on April 1.

A PayPal spokesperson said that when the epidemic broke out in India, it had already begun to plan how to optimize its business, and finally decided to focus on helping Indian merchants who wish to conduct cross-border trade and export to conduct cross-border remittance business.

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It is understood that PayPal has 3 technology centers in India, which is also its largest technology center outside the US market.

In fact, starting in August last year, PayPal began business adjustments. Previously, dozens of sales positions would be abolished internally. PayPal stated that this was because of business streamlining rather than being affected by the epidemic.

A PayPal spokesperson said that during the epidemic, PayPal did not lay off employees, and now the company has to constantly evaluate the structure, process and resource application, and make some changes for new needs and development. It is not clear how many PayPal Indian staff will leave after the Indian payment service is closed.

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