Paypal still views cash as its main rival in India, despite the influx of new digital payment companies, according to a spokesperson. With nearly 85% of transactions still being completed with cash, the company is increasing its efforts in the region to remain a strong contender in a digital payments industry that is predicted to grow to $500bn by 2020. The move comes after it was reported earlier this month that PayPal had agreed to pay $400m (£295m) for Snapdeal, India’s largest online retail company. The firm recently launched two technology Innovation Labs in the country to support fintech startups and promote innovative solutions.
Paypal still views cash as its main rival in India, despite the influx of new digital payment companies, according to a spokesperson. With nearly 85% of transactions still being completed with cash, the company is increasing its efforts in the region to remain a strong contender in a digital payments industry that is predicted to grow to $500bn by 2020. Paypal, along with rivals Paytm, Google, Whatsapp and Hike, is leveraging the Indian government's "Digital India" programme to remain competitive. The firm recently launched two technology Innovation Labs in the country to support fintech startups and promote innovative solutions.