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