TIL Desk/Business/New Delhi/ Close on the heels of WhatsApp getting key approvals to launch digital payments in India, its US peer PayPal is also set to jump on to the bandwagon. One of the biggest international remittance services in the world, PayPal Holdings Inc will launch a peer-to-peer (P2P) payments feature in India, sources in know of the company’s plans said.
The service is based on Universal Payments Interface (UPI), India’s indigenous digital payments network, and will roll out in “coming months.” The move pits PayPal right up against Paytm, Google Pay, PhonePe, and a few others, and comes at a time when the adoption of digital payments is on the rise.
Transactions over UPI have doubled in 2019, and in 2018 they had grown five times. This is the first time PayPal is experimenting with P2P; it has so far offered Indians the facility of transferring money to international bank accounts and paying at select merchant sites in India.
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