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PayPal Boasts of Surge in New Users and New Merchants in Q3

PayPal
PayPal Boasts of Surge in New Users and New Merchants in Q3

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)

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

2 thoughts on “PayPal Boasts of Surge in New Users and New Merchants in Q3”

  1. A very interesting read, per Katie Canales Nov 4, 2020 “China just suspended Ant Group’s $34 billion IPO, the largest in history. Here’s how the company was spun out of Jack Ma’s Alibaba and has transformed the global fintech market.” Business Insider article at https://www.businessinsider.com/what-is-ant-group-china-jack-ma-digital-payment-2020-7 :

    “PayPal Holdings operates in more than 200 markets worldwide and gobbled up almost 14.5% of the fintech market in 2019, per a June report from The Business Research company. Ant Group had 8% of the total share that year and now operates in over 50 markets. Other competitors, like Tencent, Square, and Shopify, trailed behind.”

    “PayPal went public in 2002 and now sits at a $205 billion market cap in the US. And while it may be the leading mobile payment service in the US, when PayPal moved into the Chinese market in 2019, it found itself a small fish in a big pond as Fortune reports. Ant, along with Tencent’s WeChat, dominated 90% of the market at the time.”

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