PayPal processed $285 billion worth of payments in the first few months of the year, an increase of 50 per cent on 2020.

The company also gained 14.5 million new customers in across the same period, taking the total number of active accounts up to 392 million.

The number of payment transactions hit 4.4 billion, representing 34 per cent growth on the previous year.

“Our strong first quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,” said Dan Schulman, president and chief executive of PayPal. “Our addressable market continues to grow as we launch new products and services for our 392 million active accounts.”

John Rainey, the company’s chief financial officer and executive vice president of global customer operations, said that it would be raising its full year guidance based on the strong results.

PayPal now expects an additional 52 to 55 million new active accounts this year, with roughly 30 per cent rise in total payments volume.

The payments service predicts revenue will grow by 20 per cent at current spot rates and 18.5 per cent on an FXN basis, to $25.75 billion.

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