PayPal Shuts Down Its Domestic Payments in India; Small Businesses Optimistic About 2021: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

PF Quarterly Earnings

Total payment volume for PayPal grew 31% during its fiscal year 2020 to $936 billion, performance the company described as the strongest in its history. It added 72.7 million net new active accounts during the time period, it said. “PayPal delivered record performance in 2020 as businesses of all sizes have digitized in the wake of the pandemic. In this historic year, we released more products than ever before and have dramatically scaled our acceptance worldwide, giving our 377 million consumer and merchant accounts even more reasons to use our platform,” Dan Schulman, president and CEO, said. From PayPal.

USA Technologies saw revenue of $38.3 million during the second quarter of its fiscal year 2021, an increase of 3.8% over the previous quarter. Active customers – those that have communicated with the company through at least one device during the last 12 months – grew from 16,489 at the end of the second quarter of FY 2020 to 18,304 during the past quarter. “Many existing and potential new customers are seeing the value of being on our platform as a service, from our cashless devices to logistics software,” said Sean Feeney, chief executive officer. From USA Technologies.

Investments in India

Indian PF Razorpay reported a three-fold increase in its payment volume over the past 12 months. Thousands of small and medium-sized businesses went online for the first time, the company said. Many of these were from smaller cities. The company said its goal is to enable digital payments for 5 million more new businesses over the next 12 months. From Business Standard.

Payments giant PayPal plans to shut down its domestic payment services in India on April 1. The company will focus its India business on facilitating international payments for Indian businesses instead. Last year, it processed $1.4 billion in international sales there, it said. From YourStory.