wordpress blog stats
Connect with us

Hi, what are you looking for?

PayPal to rollout UPI payments service in India: Report

We missed this earlier.

US payments company PayPal will roll out UPI payments service in India in the “coming months”, reported Business Standard last week. The move comes at a time when WhatsApp has finally received the NPCI’s go-ahead to launch UPI payments. PayPal will face competition from existing players offering UPI services, including Google Pay, PhonePe, and Paytm. PayPal only offers money transfers to international bank accounts and payments at select merchants. It set up a legal entity in India only in November 2017, per the report. PayPal’s India unit doubled revenues to Rs 655 crore in FY19, while losses increased from Rs 2.3 crore to Rs 8.1 crore, per the report.

PayPal financials

Q4FY19

  • Total active accounts: 305 million, up 14% YoY; includes 24 million merchants
  • Net new active accounts: added 9.3 million in Q4
  • Payment transactions: 3.5 billion, up 21% YoY
  • Total Payment Volume: $199 billion, up 22% YoY
  • Merchant Service Volume: up 25% YoY
  • Venmo: Processed over $29 billion of TPV, up 56% YoY

PayPal expanded its relationship with Uber and will be processing their payments in Europe, Brazil, India, and across the Middle East.

For FY19

  • Net new active accounts: 37.3 million
  • Payment transactions: 12.4 billion, up 25%
  • Total Payment Volume: $712 billion, up 23%
  • Merchant Service Volume: up 27%
  • Venmo: Processed over $102 billion of TPV, up 65%

Download: Financials, Earnings Call Transcript

Advertisement. Scroll to continue reading.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ