PayPal Seeks License to Enter Competitive Mobile Wallet Space in India
Monday, May 1, 2017
Global payments company PayPal is eyeing a prepaid payment instrument (PPI) license to enter the competitive mobile wallet space in the country, said three sources familiar with the development.
PayPal’s move comes even as the company has been evaluating multiple investments and acquisitions of wallet players in the country.
While the Reserve Bank of India has placed a moratorium on considering fresh applications for PPIs since September till the time it lays down new guidelines, two industry sources said PayPal may have already applied for the license.