#Payments / Strong Venmo And QR Code Payments Growth Help PayPal Score Record Q2 Earnings

… PayPal not only beat analysts’ expectations… but enjoyed a record quarter. And the company credited its Venmo peer-to-peer (P2P) payments platform and QR code-based contactless-payments system for a big part of that success.

[CEO:] “Our record performance in the second quarter — our strongest quarter ever — reaffirms the relevance of PayPal in the unfolding digital future…”

PayPal said that in addition to the overall company’s record performance, Venmo put up all-time-best numbers as well. Total payment volume rose 52 percent to $37 billion, while active users grew by 8 million to north of 60 million… PayPal is also continuing efforts “around expanding the Pay with Venmo in an eCommerce setting.”

“The world has moved to a digital-first economy and I don’t think there is any going back… This isn’t just about payment or just about scanning a QR code… This is about the value proposition around that, and being able to use your wallet and fully tap any of the funding instruments — including your rewards points — in a way that [will] work with any handset.”

https://www.pymnts.com/earnings/2020/strong-venmo-and-qr-code-payments-growth-help-paypal-score-record-q2-earnings