The golden moment continues for PayPal, a new record

The golden moment continues for PayPal, a new record
Another golden quarter for PayPal, after the one closed in the summer: new record in the number of processed transactions (about 4 billion for a total of 247 billion dollars) and 15.1 million new users acquired for a user base that now it reaches a total of 361 million units. Net profit is 1.02 billion dollars.

PayPal flies: 361 million users and record transactions

The numbers also take into consideration those of the Venmo platform, also back from its best quarterly report ever having registered a + 61% compared to the same period last year. It is impossible not to connect the trend with the new dynamics that have been triggered over the last few months, closely linked to the global health crisis and to a sudden forced change of customs and habits, also with regard to purchases and payments.

A positive sign for the pace of adoption of the service by merchants: about 1.5 million those who did so in the last quarter, double the average amount before the arrival of COVID-19. This is the comment from CEO Dan Schulman.

PayPal's third quarter was the “strongest” in our history. Growth strengthens the role we play in our customers' daily lives, especially during the pandemic. Looking ahead, we are investing to create the best wallet that includes all forms of digital currencies and payment systems, capable of running smoothly in both the physical and online worlds.

In this regard, in the last period PayPal has started to look with increasing interest at the world of cryptocurrencies, with the aim of diversifying its business by leveraging the potential of the new dynamics linked to the FinTech sector: first the integration with the bitFlyer exchange, then the announcement concerning the possibility of managing virtual currencies such as Bitcoin, finally in recent weeks the rumors about the possible acquisition of the custody provider BitGo.

Source: PayPal ( PDF)

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