PayPal has announced new partnerships with American Express and Walmart, as its third quarter results reveal revenue growth of 14 per cent to $3.68 billion.

The global payments platform’s statement also showed that 2.5 billion payment transactions were made during the three months to the end of September - up 27 per cent - while 9.1 million active accounts were added - up 15 per cent.

As for the partnerships, the agreement with American Express will allow PayPal to access tokens and enables a “deep integration” of platforms, including the ability to transfer and use American Express rewards points at PayPal merchants.

Earlier in October, PayPal announced a partnership with Walmart to offer cash in and cash out money services across the supermarket chain’s outlets. Using the PayPal mobile app, customers can load cash into and withdraw money from their PayPal balance at all Walmart stores in the US.

Additionally, PayPal Cash Mastercard customers can use their PayPal balance to shop in store, on a mobile device and online at Walmart, as well as withdraw cash at the register or from Walmart’s ATM locations nationwide.
Dan Schulman, president and chief executive of PayPal, said these deals will increase the value offered to customers.

“Our strong balance sheet and cash flow enable us to aggressively invest in innovation and growth, creating sustainable and long-term value for our shareholders,” he added.

Meanwhile, PayPal’s merchant services total payment volume grew 28 per cent, while eBay marketplaces volume grew three per cent, representing 11 per cent of overall payment volume for the quarter, versus approximately 13 per cent a year ago.

Strong mobile engagement on PayPal’s platform contributed to approximately $57 billion in mobile payment volume, growing approximately 45 per cent. In the third quarter, mobile payment volume represented 40 per cent of overall payment volume.

Venmo, the company’s social payments platform, processed approximately $17 billion of total payment volume in the third quarter, growing 78 per cent.

As part of PayPal’s efforts to further improve its value proposition for merchants, Funds Now was launched in the third quarter, giving merchants instant access to funds by eliminating holds, delays and reserves, and is now available to sellers in the US, UK and Australia.

In the third quarter, PayPal also closed the acquisition of point of sale payments firm iZettle, announced back in May for $22 billion..

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