PayPal India reports a twelve-fold increase in revenue!
India has long been touted as the next big ecommerce market, and one company has started to see that become a reality. Online payment provider PayPal has just reported that the Indian arm of its business has seen a twelve-fold rise in revenue over the past year! The company, speaking to India’s Economic Times said it saw revenues of Rs 260 crore in 2018 (more than $37 million), up from ju Rs 21 crore in the previous year.
PayPal’s share price is up by 4% so far this year
Source: Yahoo Finance
A company source said that PayPal India was offering the same great service the company is known for in the US, but with some local modifications: “While the basic payment platform, coupled with the security features, are the same as in the U.S., we have added local modifications here, like two-factor authentication … as per regulatory requirements.”
Anupam Pahuja, country manager and managing director of PayPal India, said: “India is transitioning away from our biggest competitor (cash), and our digital platform and technology has immense scope to enable this at scale. For us, the marathon has just begun.”
Guru Bhat, the company’s general manager of technology and head of engineering, added: “With over one lakh 45,000 registered patents between 2013 to 2016 to its credit, India’s innovation potential is enormous and will certainly break benchmarks with the right kind of encouragement. Enabling innovation and creating amazing experiences for our customers is at the heart of PayPal’s global success, and the Innovation Lab is another step to foster this spirit in our development centers in India.”
PayPal launched its Indian arm in 2017, and is betting that India will live up to the hype when it comes to emerging market excitement. With results like these, that looks like an ever-more likely proposition.
Dominion holds PayPal in its Global Trends Managed Fund.
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