· PayPal to help OYO Rooms source payments from global consumers and help Indian consumers make international bookings
· PayPal’s Seller Protection feature for intangibles apt for hotel merchants like OYO rooms to secure online bookings
March 09 2016, 16.12 PM IST || Pocket News Alert
Chandigarh, 09 March 2016: PayPal, the world’s leading open digital payments company, today announced a tie- up with Oyo Rooms, India's largest branded network of hotels. Speaking on the partnership, Hamish Moline, Regional Merchant Services, PayPal APAC, said, “The Indian e-commerce sector is at a stage where growth is exponential and with this comes increased risk. Growth of new age businesses like OYO Rooms can be further accelerated if they are protected against online payment risks and frauds.PayPal’stechnology protects merchants such as OYO Rooms against unauthorized transactions and mitigates associated risks. We are proud to have tied-up with OYO Rooms and look forward to aid their growth through our holistic payments technology in every way possible.”
Abhinav Sinha, COO OYO Rooms, spoke about the partnership, “We arefocused on utilizing technology to enhance guest experience and solve customer problems. This tie-up with PayPal will assist us in delivering a seamless payment experience through reduced friction during payment process. PayPal is a global leader in payments and we look forward to their network supporting our growth.”
OYO Rooms has disrupted the legacy-driven business of hospitality, creating a sizeable and new market opportunity. Having established its market leadership in India, OYO Rooms recently forayed into South East Asia through launch of operations in Malaysia. The partnership with PayPal will enable Oyo Rooms’ customers across the globe to seamlessly pay for their bookings in Malaysia and other South East Asian countries via PayPal.
PayPal constantly works to maintain and enhance the security, reliability and responsiveness of the secure payments platform to allow 179 million active consumers and millions of merchants across 203 markets around the world to pay and get paid with confidence every day. PayPal’s Seller Protection program helps guard merchants from losing money to claims and chargebacks.
About PayPal
At PayPal (NASDAQ: PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution. Last year we processed 4 billion payments, of which 1 billion were made on mobile devices. PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid. With our 179 million active customer accounts, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies.
For more information on PayPal, visit http://ift.tt/1MguyGn.
For PYPL financial information visit http://ift.tt/1NZZzQX
About Oyo Rooms
OYO Rooms is India’s largest branded network of hotels founded by Ritesh Agarwal, India’s first graduate of the Thiel Fellowship, a program started by Paypal founder, Peter Thiel. OYO Rooms currently operates in more than 170 Indian cities including Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad, Goa, Chennai and Kolkata. These include major metros, regional hubs, top leisure destinations, as well as pilgrimage towns. OYO Rooms has also recently launched operations in Malaysia.
The company’s vision is to become the most preferred and trusted hotel brand. It is backed by the world’s leading investors including the SoftBank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India.
For more information log on towww.oyorooms.com
