According to the Economic Times of India, PayPal, a US-based digital payment company, recently released its latest 2018 earnings data from its Indian subsidiary, PayPal India, , the company’s business revenue for the latest fiscal year grew from 210 million rupees in fiscal 2017 to Rs. 2.6 billion, an increase of 12 times times.
Analysts said the remarkable achievement may be related to the launch of PayPal’s local payment service in India.
Before November 2017, PayPal’s Indian subsidiary only supported cross-border payment transactions, before it began to expand into local digital payment.
As PayPal’s income from India has increased, they have also increased their investment in local business expansion, such as strengthening technical power, increasing the number of local employees in India, and opening new offices in Bombay.
In fact, PayPal’s digital payment and cross-border transaction services have been very popular in the Indian market.
Since being allowed to do business locally in India, PayPal has been actively expanding its merchant partners, including book I Show, MakeMyTrip, Yatra and others, into a highly competitive domestic payment business to allow Indian consumers to start using PayPal wallets.
At the same time, PayPal also optimized its wallet application in response to local regulatory requirements in India. In addition to providing basic payment platform and security functions,, they have added some local personalization features, such as two-factor authentication.
Now the local mobile payment market in India is very competitive. PayPal’s main competitors include Paytm, PayU India and Billdesk. Paytm mainly offers mobile wallets and digital payment services based on the Unified Payment Interface (UPI), while Billdesk and Payu focus on the Payment Gateway Service area.