PayPal Has Best Quarter Since IPO as Digital Payments Take Hold
PayPal broke all sorts of records in the second quarter of 2020 as the acceleration of digital payments continued to take hold during the crisis; PayPal set records for users, revenue and payment volume; “I’m pleased to say that PayPal just had its strongest quarter since becoming an independent public company five years ago,” Dan Schulman, PayPal’s president and CEO, said Wednesday during an earnings call according to American Banker. “Simply put, our business has never been more relevant and important than it is today. In the midst of the COVID pandemic, we have seen substantial macro changes that we believe will have a lasting and profoundly positive impact on our business.”; merchants have also been critical to the company’s record breaking year so far, more merchants than ever before are going digital first; PayPal ended the second quarter with over 346 million active accounts and more than 26 million merchants, it expects to achieve a total of 70 million net new actives for 2020. American Banker.