PayPal report record numbers of active users
PayPal have beaten all expectations in their latest quarterly investment results.
Active user accounts are up at 184 million compared to what analysts expected at 182.8 million. PayPal processed 1.41 billion transactions in the last quarter with total payment volumes up at $81 billion compared to $79 billion a year ago and as if that wasn’t enough revenues grew slightly to $2.54 billion just breaking expectations of $2.5 billion.
PayPal now have 14 million active merchant accounts but have increasing competition. Nevertheless they’re confident in growth saying consumers and merchants are engaged at higher levels than ever before.
Venmo, PayPal’s person to person payments solution, is seeing strong growth, with CEO Dan Schulman saying “We are on track to expand to more merchants and open the service to our full Venmo customer base in the second half of this year“.
One Touch and Xoom are more tools PayPal highlight as key to their future growth as they face increasing competition along with PayPal Commerce, a set of contextual commerce tools, which are currently in beta, that allows merchants to securely sell across email, social shares, blogs, articles, ads, in-page, in-app and anywhere consumers are online or on their mobile devices as a new innovative product.