PayPal CEO Dan Schulman called PayPal’s third quarter one of the strongest in its history, and he summed up what’s ahead for the payments company in a post on LinkedIn when he wrote:
“Going forward, we are investing to create the most compelling and expansive digital wallet that embraces all forms of digital currencies and payments, and operates seamlessly in both the physical and online worlds.”
Schulman’s post came after PayPal announced third-quarter 2020 earnings on Monday. Among the highlights of the Q3 release are the following:
- Net Revenue was up 25% to $5.46 billion.
- Net New Active Accounts were up 55% to 15.2 million.
- Total Payment Volume (TPV) grew 38% to $247 billion (36% FX-neutral).
- 30% growth in payment transactions to 4 billion
Schulman said PayPal was also seeing a surge in new merchant account growth, adding 1.5 million merchant accounts in the quarter, over two times the usual rate. “These new merchant additions demonstrate that even more merchants are adapting to the pandemic by moving their businesses online,” he said.
PayPal got more specific about its plans for its digital wallet during the post-earnings conference call – see more on TechCrunch.
Link to PayPal Q3-2020 earnings release (PDF)