PayPal India, an online payments company, witnessed a 40 per cent jump in the value of export transactions processed through its platform for goods and services (mainly small value) exported by Indian MSMEs during the period April-June 2021. , said a top official.
This strong growth in processed export volumes on a year-on-year (YoY) basis is driven by two sectors – services sector and fashion, said Nath Parameswaran, Senior Director-Corporate Affairs, PayPal India. business Line. This export growth is fueled by a good base of women entrepreneurs coming into it along with many other services in addition to exporting small value services led by traditional freelancers, edtechs, and wellness techs.
“We are witnessing a kind of silent revolution in export of small value services out of India. Service export excellence by big boys is well known but services by small value service providers are not. Our freelancers are leading the world,” Parameswaran said.
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Parameswaran also expressed confidence that the growth momentum will continue in the coming quarters as the holiday season begins in the developed countries in the next few months. “I am equally excited about the good performance of small value services exports and fashion related goods in the coming quarters,” he added. He highlighted that many small businesses in India – coming out of the pandemic – are undergoing digital transformation and gearing up to serve customers in markets abroad.
Going forward, PayPal India will focus on addressing growth opportunities in the software-as-a-service (SaaS) segment this fiscal, he added. “SaaS is an emerging vertical that we are focusing on. A recent industry study estimated that SaaS could be a $75 billion opportunity for our SaaS service providers over the next three years. Payment can play an important role here and we want to play the same role that we did in the edtech sector,” Parameswaran said.
PayPal India has remained untouched by the Covid-19 induced lockdown in both the first and second waves, witnessing a sharp increase in digital adoption around the world and high activity along with an increase in the number of active users of its platform. recent years. In the second quarter (April-June 2021), PayPal’s total cross-border trade payment volume globally was approximately $51 billion. In the same period last year, PayPal’s total cross-border business payments volume exceeded $37 billion.
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