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 by AFP Staff Writers New Delhi (AFP) Feb 5, 2021
Online payments giant PayPal said Friday it will halt domestic financial transactions within India, bowing out of a vast market buoyed by recent coronavirus restrictions. Multinational giants, including WhatsApp, Google and Alibaba, have for months been locked in a tense battle over the fast-growing digital payments market in the nation of 1.3 billion, expected to be worth $500 billion by 2025. But PayPal on Friday said it would instead focus on developing more international sales for Indian businesses from April. "This means we will no longer offer domestic payment services within India from 1 April," the California-based company added in a statement. The firm did not say why it was ending its online payments service, available on a number of popular Indian apps. PayPal said it processed $1.4 billion worth of international sales for over 360,000 merchants in India last year. grk/oho
Amazon seeks to build on soaring growth as Bezos hands over Washington (AFP) Feb 3, 2021 Amazon is changing at the top but stressing continuity after founder Jeff Bezos announced he was handing over the role of chief executive to trusted lieutenant Andy Jassy, capping a spectacular expansion for the 27-year-old technology colossus. Here are some key questions and answers following Tuesday's surprise announcement of a change in top management at Amazon. - What is the significance of the Amazon CEO change? - While Bezos has been the visionary behind Amazon, the shift is likely to ... read more
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