PayPal has posted more than twelve-fold jump in revenue generated by its Indian payments subsidiary to Rs 260 crore in financial year 2018.
PayPal, the US-headquartered digital payments company, has posted more than twelve-fold jump in revenue generated by its Indian payments subsidiary to Rs 260 crore in the financial year 2018. In the previous year, the company had reported revenue of Rs 21 crore.
PayPal’s net profit increased at a relatively modest pace during this period, up to Rs 2 crore from Rs 1.4 crore in the previous fiscal.
A person privy to the information said, "With revenue going up, the company had increased investments in India across heads including technology augmentation, expansion of headcount in India and a new office in Mumbai. The company, which has been among the most popular players for cross-border transactions, entered the fiercely-competitive domestic-payments business by entering into a partnership with online merchants such as Book-MyShow, MakeMyTrip, Yatra, Goibibo, FreshMenu and Box8 to allow Indian consumers to start using the PayPal wallet."
"While the basic payment platform coupled with the security features are the same as in the US, we have added local modifications here like two-factor authentication, etc., as per regulatory requirements," it added.