Expect fireworks in digital wallet space: PayPal starts payment services in India

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Earlier in September, Alphabet Inc's Google launched a localized payments app for India, trying to gain a foothold in the country's rapidly-growing digital payments space.

Some of the largest businesses they have tied up with are BookMyShow, Yatra, and MakeMyTrip etc.

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PayPal is also offering features like One Touch, Buyer and Seller Protection and Return Shipping on Us for a differentiated payments experience. Merchants accepting PayPal will be also able to process both local and global payments through PayPal and get access to the payment processor's more than 218 million customers around the world and in India, reports Reuters. "We are excited about our prospects in a market that is highly inspirational and aspirational", Rohan added further.

The firm has not yet decided on the launch of its payment wallet in India. The firm is not considering giving cashbacks to customers as part of its customer acquisition strategy.

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Mahadevan said we are always on the lookout for potential partnerships that will help us accelerate either our business plans or compliment our capabilities that will help our customers achieve their goals. The company also partnered with government and state-owned banks with a number of initiatives, including digital financial literacy and e-Tourist Visa programme.

The company will offer the one-touch option that skips login and enables a frictionless method to checkout through Facebook Messenger as well. "For us, the marathon has just begun", said Anupam Pahuja, country manager and managing director, PayPal India. The service has already been available in India for cross-border transactions, but starting today Indian customers can use PayPal in transactions with certain major domestic merchants. Citibank is their nodal partner and ICICI Bank is the acquiring partner of PayPal in India.

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