PayPal Now Keen to Expand Business in India

By Gizbot Bureau

After its separation from e-commerce major eBay, digital payments company PayPal today said it is now free to partner with its founder's competitors and is keen to expand in India.

PayPal Now Keen to Expand Business in India

"It will make sense for us to tie up with all merchants... we'll collaborate with all disruptors," Paypal country manager and managing director Vikram Narayan told reporters here. He said the company that has been doing only cross-border work out of the country, which includes helping local merchants with collection of export payments and international cards for travellers, is focusing on opportunities in the domestic market as well.

SEE ALSO: Samsung Galaxy S5 Becomes First Smartphone To Support Fingerprint Recognition for Payments

The company re-listed on the American bourses yesterday, separating from eBay. Citing company policies which prohibit from speaking on a particular country, Narayan did not disclose any of the focus areas or its plans at the specially called press meet.

He also refused to share the number of merchants here using PayPal or the number of active users who use its facility for shopping on foreign e-commerce sites. However, late in the evening, a company spokesperson shared an over two-year old data, according to which there was 28 per cent growth in exports by PayPal's registered merchants in 2013 over 2012.

It, however, did not mention the absolute figure. Last year, the company created a team to focus on domestic opportunities and employs 1,300 people in the country, with a bulk of them based in development centres in Chennai and Bengaluru, Narayan said, adding that it also has an office in Mumbai which co-ordinates with RBI. PTI

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