It was another quarter of record-breaking results for PayPal, which saw both record transactions and new customer enrollments in Q3. Total payment volume rose 36 percent to $247 billion, beating analyst estimates for $232 billion. PayPal is now reporting a run rate of approximately $1 trillion dollars in payment volume. Venmo also reported its best quarter ever in terms of payment volume — reporting a 61 percent year-on-year TPV increase to $44 billion. Additionally, PayPal reported processing a record 4 billion transactions during Q3.
Net new active accounts also set a new record, increasing by 32 percent year-on-year or 15.2 million net new actives in Q3 bringing PayPal’s total active user base to 361 million active accounts and on pace to add an additional 70 million in total by the end of 2020.
[CEO:] “… let me be clear. We are investing to create one of the most compelling and expensive digital wallets in the world. And you can see this beginning to play out in our strong Q3 results.”
[CEO] took the opportunity to expound on PayPal’s wider vision for a “comprehensive suite of interlinked functionality around financial services, payments, shopping and identity management that will be in the central part of our customer’s lives”… no matter what channel they want to transact in — online, on mobile or instore — and no matter how they want to pay, including, most recently, cryptocurrency. And crypto… is in its earliest phase of being unlocked on the PayPal platform. Opening crypto acceptance up for its 28 million merchants around the world is a big first step.
[CEO] also touted the success of PayPal’s latest BNPL push in the U.S., France and the U.K., noting that they have already seen uptake among consumers that surpasses expectations — and that this will be an area where PayPal will look to expand, even beyond its platform.