Although PayPal has been in India for over 10 years now, the company began its domestic India operations only in November 2017, when it started offering services to merchants. Until then, PayPal was only engaged in cross-border payments for businesses selling goods and services abroad.
Earlier this month, PayPal launched PayPal for Business, an app for small, medium and freelancing merchants in India to manage their domestic and international payments.
PayPal financials and user base
- In July, we reported that PayPal had 244 million active customer accounts (of which 19.5 million were merchant accounts) for the quarter ending 30th June 2018 (Q2 2018).
- It had added 7.7 million net new active accounts for the quarter.
- PayPal also reported $3.86 billion in revenues in Q2, up 22% year-on-year.
- PayPal processed $54 billion in mobile payment volume, representing 49% growth year over year in the quarter.