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PayPal to start its payment service in India next week: Report

Global payments company PayPal is to start its payment services in India from next week, according to The Economic Times report. MediaNama has reached out to PayPal for the confirmation and more details, and we will update as soon as we hear back. According to the ET report, PayPal has tied up with some merchants to kick off its operations in India, and users will see PayPal as one the payment options during check out from these merchants. According to the publication, PayPal has not sought a prepaid payments instrument (PPI) licence from Reserve Bank of India to operate a digital wallet but could use the UPI infrastructure through banks to facilitate domestic payments. In May, it was reported looking to get a wallet licence from the RBI, and there were several reports of PayPal trying to get a license through the acquisition of FreeCharge. The global payment company was also reportedly in talks to invest in Flipkart-owned PhonePe. PayPal in India Currently, PayPal is operational in India only for cross-border payments for businesses selling goods and services abroad. The company right now has a product PayPal.me, a digital peer-to-peer payment service aimed at freelancers and small businesses selling products and services across borders. Merchants can set their own profiles and get a personalized URL for their business with their existing PayPal accounts. This URL will help merchants to call for a payment without giving out their bank account details and IFSC or SWIFT code. Also, PayPal has been ramping up its team…

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