PayPal targets Indias 450 mln mobile users

Friday 16 August 2019 13:10 CET | News

PayPal is looking to capitalise on the surging digital payments demand as India’s 450 milion mobile users leap online, Financial Times reports.

The US-listed payments company launched a domestic business allowing merchants to process both local and global payments in India in November 2017. To encourage consumers to complete a purchase, PayPal has developed new one-click technology in an India-only trial that dispenses with multiple authentication steps that alienate customers. In 2018, it participated in a USD 125 million funding round for Pine Labs, an Indian point-of-sale terminal provider.

PayPal’s efforts come alongside government initiatives to drive digital transactions. The Reserve Bank of India expects the number of online payments users to increase from 100 million to 300 million over the following three years.

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Keywords: PayPal, online payments, India, mobile payments
Countries: World