One of the biggest international remittance services in the world, PayPal will launch a peer-to-peer (P2P) payments feature in India, sources in know of the company’s plans said. The service is based on Universal Payments Interface (UPI), India’s indigenous digital payments network, and will roll out in “coming months
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In Brief :
- Internal Sources Said, PayPal India will be launching its Peer2Peer (P2P) service in India.
- The service will be based on UPI.
- PayPal will be 3rd global company to launch UPI in India, after Amazon and Xiaomi.
- It will be interesting to see how PayPal will compete with others players in the market.
After more than two years of launching its operations in India, global remittance services provider PayPal is planning to enter UPI-based payments service in the country.
PayPal will join the likes of global companies such as Google, Amazon, WhatsApp and Xiaomi, and homegrown companies like PhonePe and Paytm in the UPI ecosystem.
This will be a major step towards consumer payments in India by PayPal, which facilitates cross-border payments for small merchants, entrepreneurs, and freelancers selling goods and services abroad.
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With over 3,500 staff across offices in India, PayPal has maintained an improved balance sheet with a 2X increase in revenue against nominal losses in the last fiscal.
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As far as UPI’s growth is concerned, the segment has already become overcrowded and hyper-competitive in the past couple of years.
While it’s not clear whether PayPal would push its UPI-enabled service aggressively, it’s likely not to compete with deep-pocketed players as it will cost a lot.
Like WhatsApp, PayPal will also have to go through a similar screening process by the central bank and NPCI for a full-fledged rollout of peer-to-peer payments.
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