From February through August 2020, there was a 13.2 percentage point increase in the share of Square sellers accepting online payments and by August, over 40% of all Square sellers were accepting online payments. Payment facilitator Square is growing rapidly as consumers and businesses are migrating online at a faster pace amid the pandemic. This image has an empty alt attribute its file name is Paypal.png The company will also launch Venmo credit card this year. CVS Pharmacy will be the first retail chain to offer its customers the option to use PayPal and Venmo QR codes at checkout in its US stores.
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To boost its top-line further and promote touchless payments, PayPal launched QR Code technology in 28 markets globally in May. It anticipates adding 70 million net new active accounts this year. The company expects revenue growth of 20% and adjusted EPS growth of about 25%. Venmo, Paypal’s mobile payments platform, witnessed a 52% growth in its TPV to $37 billion.įollowing the strong 2Q momentum, PayPal reinstated its 2020 guidance and in fact, raised it. Total Payment Volume or TPV, which indicates payments processed through the PayPal platform, grew about 29% to $222 billion. And adjusted EPS rose 49% to $1.07 as the adjusted operating margin expanded 504 basis points to 28.2%.
The company’s 2Q revenue surged 22.2% Y/Y to $5.26 billion. As of the end of 2Q, PayPal had 346 million active accounts with over 26 million merchant accounts. In the second quarter, PayPal added 21.3 million net new active accounts, reflecting a 137% Y/Y rise and marking the strongest growth in the company’s history thanks to a surge in e-commerce and digital payments. PayPal, which was spun off from eBay in 2015, has emerged as the digital payment leader. This image has an empty alt attribute its file name is Paypal-vs-Square.png
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