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Mobile Payments

PayPal plans to enter mobile wallet space in India

Friday 28 April 2017 | 10:41 AM CET

PayPal is reportedly planning its debut in the mobile wallet space in India and looking to get prepaid payment instrument (PPI) licence for that purpose, according to a national news portal.

The company has been examining various investments opportunities and acquisitions of existing wallet players in the country. But the Reserve Bank of India has placed a stay on considering new applications for PPIs since September till it comes out with new guidelines, mentioned a national news portal.

PayPal has around 192 million customers in more than 200 countries. It has no local product in India, therefore, the wallet licence will enable it to increase its local presence in the country.

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