Making the whole fintech scenario more exciting, Paypal has decided to debut in the Indian market. According to sources directly aware of the development, this service might be announced as early as next week. Currently, Paypal allows Indian businesses, freelancers to only transact with the foreign clients and they are, as of now, not able to send and receive payments to and from their India clients.
The debut of Paypal will make already-crowded mobile payment market in India more competitive. The mobile payment market in India currently has players like Paytm, BHIM, PhonePe, Freecharge, Amazon Pay, Tez, Mobikwik etc. According to sources, Paypal will launch a mobile app, which will allow users to send and receive payments.
One of the above-quoted sources said that Paypal has already tied up with many Indian merchants and they will start to show Pay with Paypal option on their web portals. In the United States, Paypal provides a number of options to the users like peer-to-peer payments, merchant payment gateway and a credit line known as Paypal Credit. However, in India, it is expected to start the operations from Merchant payments in the beginning.
Though the strategy and planning of Paypal in India is still not clear, the company has for sure targetted India to be the next big market. The likes of Google, Amazon and Facebook have already set their eyes on the India market and have started to invest heavily. With all these options coming in, the Indian customer surely seems to be a winner in the time to come.