PayPal reported an overwhelming profit this quarterly, with a pandemic-driven shift to online shopping and digital transactions driving record levels of payment volumes.
The company has emerged as one of the big winners in the pandemic, as customers are using its digital payment services to pay bills and shop online while staying indoors during the global crisis. The California-based company added 14.5 million new customers, and processed a total of $285 billion in payments, up by 50% from the last year during the first quarter. Net income jumped by 66% at the rate of $1.22 per share amounting to a net $1.46 billion. Analysts had however expected a figure of $1.01 per share.
Founded in December 1998, PayPal is a US-based company holding a share in the online payments system in countries where governments are conducive to online money transfers.