PayPal CEO Dan Schulman published the following post to the PayPal corporate blog on Monday:
To the PayPal Community,
Together we have passed two important milestones. First, the PayPal community of customers – consumers, merchants and charities – has now exceeded 200 million active accounts. In addition, 50 million of PayPal’s consumer accounts have opted in to use One Touch, PayPal’s innovative payment experience. As this is only possible because of you, I’d like to express PayPal’s deep appreciation to all of the members of our growing community.
Thank you for trusting us to manage and move your money. We understand that money is very personal and that with each transaction you put your trust in us. We are grateful for the opportunity to be part of your businesses, your families, your communities, your causes, and your lives. That is why we put you, our customers, at the center of everything we do.
The strength of our community is fortified by the mutual trust PayPal fosters between consumers and businesses and between donors and non-profits. In the 18 years since our founding, our community of customers has sent through PayPal more than 29 billion payments worth $1.7 trillion. You joined us in reimagining money by trusting PayPal to send and receive money in new ways with new technologies – over email, on websites, in apps, on mobile phones. You transacted with new kinds of businesses in countries around the world because they accepted PayPal, and you knew that meant your money and information would be protected. And, you trusted us to get your donations to the right organizations when disaster struck or your neighbors needed help. In the past three years alone, PayPal’s community has donated more than $25 billion to worthy causes.
Together, we helped to push the boundaries of how people use mobile technology to shop and send money. Last year alone, our community made more than $100 billion in mobile payments and mobile now represents almost a third of our total payment volume. Our leadership and growth in mobile payments are a result of our relentless focus on making our mobile experiences, like One Touch, simple and secure for our customers.
Our One Touch product eliminates passwords and makes securely buying something as quick as a single touch. Today, we’re excited to announce that 50 million consumer accounts have opted in to One Touch. This is more than double the 21 million user accounts announced in April 2016 and more than 5 million merchant accounts now offer this innovative checkout experience to their customers. One Touch is the fastest adopted product in PayPal’s history and clearly leading the industry in driving the adoption of digital and mobile payments.
We are proud that through PayPal, people, businesses and charities are able to connect, interact and transact with each other in new and exciting ways that are not possible except on the PayPal platform. PayPal businesses around the world are thriving and growing by embracing technology and products that transform the way they reach their customers.
Our Braintree service is powering some of the most innovative mobile and app experiences for companies creating today’s most compelling commerce experiences such as Uber and Airbnb. Through our Xoom service, people are supporting their loved ones by sending money home in ways that are easier, safer and less expensive. And, our Venmo service is connecting an entire generation of Americans through the integration of money and social media. Together, through these experiences, we have created a vibrant and growing community that embraces innovation and creates economic opportunity – all built on the world’s largest independent global payments platform.
PayPal was founded more than 18 years ago with a simple but important purpose: to make it easier, more efficient, and more affordable to move and manage money. While the company – and the world – look very different than they did in 1998, that fundamental purpose is still our North Star. As technology and financial services continue to evolve, our journey of perpetual innovation, partnership and dynamic product development continues.
Milestones are reason for celebration, but they are also motivation to keep inventing, to keep building, and to keep looking for new ways to serve our customers together with our partners around the world. I believe that the most exciting days for PayPal and the PayPal community lie ahead.
Reaching 200 million shows the strength and scope of the PayPal community, but it’s also a good reminder of how much work there is left to be done to make managing and moving money faster, more secure, simpler and less expensive for everyone. Our customer community has always been, and will continue to be, our inspiration and motivation to continue to reimagine money and the future of financial services.
On behalf of the entire PayPal team – thank you.
Dan Schulman, President and CEO, PayPal
Source: PayPal Corporate Blog Post
Note: PayPal Chief Operating Officer Bill Ready also took to the PayPal blog to announce that 50 million consumer accounts have opted into its One Touch feature.