PayPal Delivered Record Volume and Added More Than 14 Million Accounts


  • PayPal delivered record volumes, adding more than 14 million accounts during the reporting period.
  • And the payment giant is now aiming to develop a super app that could contribute to more growth.
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts related to the Payments & Commerce industry. Learn more about how to become a customer.

PayPal's total payment volume (TPV) increased 46% on a currency-neutral basis to $ 285 billion per earnings release for the first quarter.

PayPal achieved a record volume in the first quarter. Insider intelligence

The latest results are a sharp increase over the same period last year, when the TPV rose 19% year over year. The payment giant added 14.5 million new net asset accounts (NNAs) during the reporting period, bringing its total to 392 million. For comparison, PayPal added 20.2 million NNA in the first quarter of 2020, of which 10 million were organically grown. The remaining part came from the acquisition of Honey.

PayPal's cryptocurrency business and BNPL (Buy Now, Pay Later) solution helped deliver record performance in the first quarter.

  • PayPal saw higher engagement thanks to its crypto service. In the company's earnings report, CEO Dan Schulman found that almost half of all crypto users opened the PayPal app on a daily basis. The service, with which customers can buy, sell, hold and - most recently - spend cryptocurrencies in the PayPal wallet, has been a focus of the company in recent months. Since launching in November, PayPal's crypto trading has already expanded to Venmo, and the service could be expanded even further. Recently rumors were circulating that PayPal is considering developing a stable coin.
  • The BNPL solution became increasingly popular with retailers and customers. Schulman announced that since Pay in 4 launched in late August, more than 500,000 unique merchants have added its solution. In addition, 50% of first-time customers used the service again within 3 months. Since its inception, PayPal's BNPL solution has generated TPV of $ 2 billion, some of which contributed to Q1 growth. And with the offering reportedly scheduled to roll out in Australia and much of Europe in the second quarter by the end of the year, PayPal could continue to grow, especially as BNPL grows in popularity.

The payment giant announced plans to launch a super app in the third quarter that will help PayPal go from a nice app to a needed app. Schulman described the app as an all-in-one platform that offers customers an "individual and unique shopping, financial services and payment experience".

PayPal's ambitions sound similar to Alibaba's with Alipay in China - but must now be dismantled. Depending on the specific offerings of the app, PayPal can potentially become the destination for all consumer and merchant needs. This would cement PayPal's reputation in the payments market and reduce competition.

Would you like to read more stories like this one? How to get access:

  1. Join other Insider Intelligence customers getting forecasts, briefings, charts, and research reports on payments and trades delivered to their inbox on a daily basis. >> become a customer
  2. Research related topics in more depth. >> Search our coverage

Current subscribers can access the entire Insider Intelligence content archive here.


read more

https://businessservicesnews.ca/paypal-delivered-record-volume-and-added-more-than-14-million-accounts/

Comments

Post a Comment

Popular posts from this blog

Show Me a Good Loser, and I'll Show You a Good Trader

Hall of Fame soccer coach Vince Lombardi once said, "Show me a good loser and I'll show you a loser." It's an understandable feeling in sport where the effort never to fail, never to lose and never to stop is the key to success. There is no benefit in giving up and admitting that you will lose in a sport like soccer. In other endeavors, it is extremely important to admit that you are in a bad position and you are unlikely to get your way. For example, professional poker players fold a significant number of their hands. It is a smart strategy to take a small loss straight away instead of pressing further when the cards are not in your favor. You may end up with some luck if you stay in, but it's not the wise bet. Better to protect valuable capital and wait for a better opportunity. Poker players who fold are not ashamed to fold. It is an essential strategy if you are going to win. It's only part of the process of professional gambling and it helps imp...
Read more

Trading Penny Stocks This Week? 3 For Your April 2021 Watch List

Image
3 penny stocks to see this week Are you looking for penny stocks to buy this week? If you answered yes, you are not alone. Every weekend we receive thousands of requests for new information about the markets and what to see. Whether you are trading penny stocks or looking for investment opportunities, the starting point is usually the same: creating a watchlist. How do you compile a penny stocks watchlist? It may seem relatively self-explanatory. To put together your list of penny stocks to watch, you need to find some letters and put them on a piece of paper or a simple word file, right? Of course, this is the process, but how do you find the best penny stocks to add to the list? In my experience, the weekends are the best because you don't struggle with active market trends. You also have a lot more time to research. This process involves watching the news and anticipating if there are any market trends that might play a role. In the coming week, the biggest story is likel...
Read more

Singapore aims to curb 'greenwashing' via stress tests, technology: MAS, Banking News & Top Stories

SINGAPORE (BLOOMBERG) - Singapore's financial regulator is turning to regulation and technology to combat so-called "greenwashing," which it believes is the weakest link in expanding sustainable finance. Banks in Singapore will have to undergo stress tests from next year while also making regulatory disclosures to ensure they are managing risks related to climate change and other environmental issues, Ravi Menon, executive director of the Monetary Authority of Singapore, said in an interview. Data validation with technologies that can prove the origin of environmentally friendly products is also needed, he added. Greenwashing is the making of false or misleading claims about the environmental benefits of a product, service, or technology. Mr Menon said the potential for greenwashing is increasing as more funds are allocated to sustainability projects. Stocks and funds that ranked highly on environmental, social, and governance metrics have attracted trillions of dol...
Read more