PayPal will hire 1,000 engineers for its development centres across Bangalore, Chennai and Hyderabad over the course of the coming year, the company said in a statement on Wednesday. As digital payments adoption has grown in the past year, in the wake of the pandemic, PayPal said that it needs to focus on building and scaling its artificial-intelligence, machine learning, data science, risk, security, and customer experience practices going forward. While the global digital payments giant has witnessed significant growth in its user-base and merchant-base in the past year, posting a net profit of $4.2 billion in fiscal year 2020 (calendar) up by 71% year-on-year, it is shuttering its payments gateway business in India by the end of March. Going forward, PayPal will continue to operate its cross-border trading platform, enabling local businesses to export their products abroad, in addition to its development centres. PayPal India will hire engineers across software, product development, data science, risk analytics and business analytics streams at entry, mid-level and senior roles, it said. In 2020, the company processed $1.4 billion worth of sales for more than 360,000 merchants in the country. But due to heavy competition in the payments gateway space, from legacy payments companies and new fintechs, the company was not able to compete effectively and its losses grew. In FY19, the company's losses grew to ₹8.13 crore as of March 2019 from ₹2.3 crore in the previous year on the back of revenues worth ₹654.7 crore in FY19 compared to ₹261 crore…
- Explained: The G20 Task Force On Digital Public Infra for Economic Transformation, Financial Inclusion & Development April 1, 2023
- MediaNama Daily: The Great Indian Surveillance Spectacle April 1, 2023
- Are Courts Doing Enough To Question “Proportionate” Intrusions on Privacy And Other Rights? #NAMA March 31, 2023
- Why did PhonePe cancel its deal to acquire ZestMoney? March 31, 2023
- RTI: Chennai police confirms 9 drones as part of a Drone Police Unit and here’s why it’s important March 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...
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...