Total Q1 payments in 2021 increased by 46% year on year From PayPal
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According to PayPal’s first quarter results, its total payments (TPV) rose 46% year-on-year at a fixed exchange rate to $285 billion. The latest performance has grown significantly from the same period last year, when TPV grew 19% year-on-year. The payment giant added 14.5 million net active accounts (NNAs) during this period, bringing its total number of accounts to 392 million. In contrast, PayPal added 20.2 million NNAs in the first quarter of 2020.
PayPal’s cryptocurrency business and bnpl solutions helped it achieve record results in the first quarter.
Due to the encryption service, PayPal is more involved. At the company’s earnings call, CEO Dan Schulman pointed out that almost all encrypted users open the PayPal app every day. The service allows customers to buy, sell, hold and use cryptocurrency in PayPal wallets. This has been the focus of the company’s attention for the past few months.
Bnpl solutions are becoming more and more popular among businesses and customers. Schulman revealed that since pay in 4 was launched at the end of August last year, more than 500000 businesses have joined the solution. In addition, 50% of new customers used the service again within three months. Since its launch, PayPal’s bnpl solution has generated $2 billion in third-party value, some of which contributed to the first quarter growth. The product will be launched in Australia and across Europe in the second quarter of this year. By then, PayPal may see further growth, especially as bnpl’s popularity soars.
The payment giant also plans to launch a super app in the third quarter, which could turn PayPal from an easy-to-use app into an essential one.
More reading: Capgemini: 2017 global payment report BRC: 2016 payment survey report Asian online banking competition: meeting customer needs report Accenture: the future of payment wirecard: smart devices and networking devices will completely change people’s payment methods IPC: more than 4 / 10 of online shopping consumers like to use paypal for payment Deloitte: Five payment trends in 2020 the influence of millennials Xiangli: how will Asian millennials shape the future payment pattern? ReadWrite:2012 three key words in smartphone industry: payment security in Southeast Asia, two-dimensional code payment: rising Ovum:2018 annual payment report, eMarketer:2020 e-commerce market in India increased by 30% year-on-year Alipay: 2014 annual bill, Shanghai’s per capita payment ranked first PayPal Here and mobile phone demand
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