PayPal launched a new merchant app called PayPal for Business, aimed at driving usage and adoption of its invoicing and payments services among freelance workers and small businesses in India.
The app is designed help small businesses manage their sales performance along with their cash flow, whether its payments or receivables.
Pedestrians walk past PayPal Holdings Inc. signage outside the company's headquarters in San Jose, California, U.S., on Tuesday, Jan. 24, 2017. PayPal Holdings Inc. is scheduled to release earnings figures on January 26. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
“With the penetration of smartphones and internet connectivity, our merchants are increasingly adopting a mobile-first go to market strategy. PayPal for Business is aimed at catering to these merchants in making their lives easier and helping them conduct their business on the go,” said Narsi Subramanian, director of growth at PayPal India in the press release on the company's blog.
The business app is the latest in a series of expansions, product launches and investments PayPal has made in the past 12 months. Most recently, PayPal expanded its India operations with the addition of 600 developers, engineers and manager to its existing headcount of 1,700 in its two offices in Chennai and Bangalore.
It was only November 2017 when PayPal launched domestic operations in India, allowing Indian consumers to shop online at some of India’s most popular businesses. PayPal has been offering cross-border payments for close to a decade in the country, so domestic expansion was a natural outgrowth of its success.
India is a very open and welcoming payments market which is attracting significant global and domestic competition to service merchants. Its local payments rival, Paytm, has recently expanded into gamified budgeting with a recent acquisition to make its payment app more robust for consumers.
The Suffolk, Virginia-based bank has agreed to pay more than $200 million for Old Point Financial in Hampton. It announced the deal just two days after its previous acquisition closed.
President Trump's tariffs on imported vehicles threaten to drive up auto prices at a time when more car owners are already drifting into delinquency on their loans.
Fears of a recession intensified after President Trump unveiled his plan to impose a minimum 10% tariff on all U.S. imports, and the KBW Nasdaq Bank Index tumbled by nearly 10%.
The federal Small Business Investment Company program has seen a spike in interest since a new rule incentivizing support for early stage companies took effect in 2023. Now there is growing political support for ways to further bolster the program.
The Consumer Financial Protection Bureau said in a court filing that it will repropose a rule requiring lenders to report small-business loan data, citing legal challenges.
