PayPal, the company that pioneered online
payments, is evaluating options to bring its full suite of payment offerings to
In the past, the online payments company
has struggled in the Indian market, as it faced issues with the Reserve Bank of
India. The RBI wanted the company to transfer the money held in its accounts to
a bank within a pre-determined period, limiting its traditional functions.
According to an Economic Times report, at
present, PayPal facilitates cross-border purchases for merchants and consumers
in India. Globally, about 24% of the company’s business comes from this line.
“We are looking at our options to see what we can bring to India,”
Vikram Narayan, managing director and country manager at PayPal India, told the
Economic Times. “We are talking to merchants and customers to see their
pain-points. I can’t give you a timeframe.”
The Indian market is an important geography
for the company after its separation from parent eBay. In India, companies like
Paytm have partnered with Alibaba, which has its own payment arm Alipay. Even e-commerce
giants like Snapdeal are looking at the financial services space.
However, PayPal said in the report that it
is confident about its role in the Indian market. “We have hundreds of
thousands of merchants in India using PayPal for cross-border trade. We also
have millions of consumers in the country. We also acquired Xoom, which is a
money remittance company, and India is a large remittance destination,”
Narayan told the Economic Times. In 2014,
PayPal processed about $235 billion in payment volume, or about 4 billion