Now it’s the time for India to get lucky. The reason being the declaration on Wednesday by American Digital company PayPal about launching their domestic operations in India, and the announcement taking place exactly after the shock of demonetization, interestingly. Until now, the account was only meant for receiving money from abroad but not for purchases. But now, the Elon Musk-founded company has started operations with a chosen group of merchants enlisting names like Yatra, BookMyShow, MakeMyTrip, PayPal to WebMoney and PVR. Also, it is in discussions with several other merchants and plans to scale up operations shortly.
In lieu of this launch, PayPal India MD Anupam Pahuja regarded that the company has not yet decided on having any digital wallet in India. However, it has been working towards facilitating working capital for small businesses, peer-to-peer transactions and remittances as well.
Now coupling this launch with the demonetization anniversary, PayPal GM (Asia-Pacific) Rohan Mahadevan regarded that, “India’s digital payments journey is on a high-growth trajectory and we are proud to be a part of it.”
The main purpose of this Domestic Payments Service:
Pahuja stated that to serve the purpose of serving the Indian customers, PayPal has set up its customer service in India with multi-lingual support capabilities and set up of an on-ground sales team to drive the customer engagement and education. PayPal has gained prominence in India within freelancers and small service providers to global clients for more than a decade now.
Basically, PayPal is being initiated in India with its dispute resolution process, which has been its unique selling proposition. This, in turn, enables buyers to claim refunds up to 180 days from the date of the transaction. To this, Pahuja added that “We also provide Seller Protection for merchants for their local and overseas payments”.
While the launch in India allows the account holders to make purchases via PayPal, Indian laws require all export-related remittances to be credited to the exporters’ bank account in India. This means that exporters cannot use the proceeds of their sale to make international purchases. A PayPal user can add a card, either debit or credit, to purchase locally or globally across 18 million merchants and 200 countries.