PayPal ties-up with first Indian partner Shopmatic for cross-border transactions
Mumbai: Digital payments firm PayPal said it tied up with ecommerce platform solutions provider Shopmatic to enable its merchants to expand their sales globally. This is PayPal’s first tie-up with an Indian partner.
The company has been getting increasingly aggressive in the Indian market since it was split from Ebay and listed separately last year.
“We are happy to announce Shopmatic as our first Indian partner to enable online commerce. The emerging digitization has had a strong impact on not only taking SMEs online domestically but enabling their ambitions globally,” Hamish Moline, Vice President for Regional Merchant Services and Southeast Asia at PayPal APAC, said in a statement. Shopmatic provides ecommerce solutions to merchants.
In India, PayPal works only for cross-border transactions, a market that the company is growing fast. In November, a report by PayPal showed that Indian online shoppers will spend an Rs.54,700 crores buying products from other countries, and the spend is expected to rise by more than 75% in 2016.
PayPal is also striking deals with banks to help consumers in India use their credit and debit cards to buy internationally. In May, the company announced that it had partnered with State Bank of India to enable customers to use their SBI debit cards on PayPal to make purchases on overseas websites.
Read full article: Economic Times
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