PayPal records strongest first quarter in its history

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.

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.