PayPal Hit 3.7bn Transactions And 346 Million Active Users Amid Coronavirus Pandemic
Recent years have witnessed a surge in the adoption of digital payments worldwide, driven by the rising number of smart devices and the booming eCommerce market. As one of the first and most significant players in the digital payments landscape, PayPal has played a huge role in building a cashless society.
According to data gathered by StockApps, PayPal hit 346 million active users and more than 3.7bn transactions in the second quarter of 2020, a 25% jump year-on-year.
PayPal Transactions Rocket 105% in Three Years
Compared to its biggest rival, Alipay, built on the Alibaba ecosystem with a much larger user base, PayPal operates as a standalone company. Moreover, it scores the Chinese competitor both in terms of worldwide popularity and international acceptance.
Today, the PayPal platform provides digital commerce and peer-to-peer money transfers in more than 200 markets across the world. Statistics show its massive global reach has been driving steady growth in the number of transactions over the years.
In the second quarter of 2016, PayPal reached more than 1.4bn transactions worldwide, revealed Statista data and PayPal Q2 2020 Results. In the next twelve months, this figure rose by 25% to over 1.8bn. The quarterly number of payments continued growing in the following years and hit more than 2.9bn in the second quarter of 2019. Statistics show the quarterly number of PayPal transactions jumped by 105% in three years. The group’s Q2 2020 Results also revealed the net revenue hit $5.26bn in the second quarter of 2020, a 22% increase year-on-year.
Five years ago, PayPal had 169 million users all around the world. Since then, this number soared by 104% to 346 million in the second quarter of 2020. Statistics indicate the number of people actively using PayPal services jumped by 105% in the last three years.
PayPal’s Market Cap Soared by 83% Year-on-Year
The increasing number of both PayPal transactions and users worldwide has been followed by the group’s steady stock performance.
In September 2019, PayPal had $121.6bn in market capitalization, revealed the Yahoo Finance data. By the end of the last year, the total value of the group’s stocks increased to $126.8bn. This figure dropped 11% to $112.3bn in March amid the stock market crash caused by the coronavirus crisis.
However, the second quarter of the year brought a recovery, with the market cap rising to $204.3bn in June, an 81% increase in three months. In September, the combined value of PayPal stocks stood at more than $223bn, an 83% jump year-on-year.