PayPal goes strong in the 1st quarter of 2018 and records 8 million new users
There was a lot of doubt about PayPal and their future since the split of a strategic partnership between them and eBay was announced. Many experts thought it could result in a drop of business and a slow decline of this financial giant. Still, judging from the beginning of 2018, things do not look so bleak at all.
Namely, in the first quarter of 2018, PayPal has recorded a substantial growth. Not only that all the financial parameters seem to be encouraging, but they also recorded no less than 8 million new registered users!
As for the financial moment, in first 3 months of this year, they have processed no less than $132 billion! This is a growth compared to 2017 that marks almost one third – 32%. Merchant services also have grown by 30% and given the fact this is the backbone of their income, the result is more than impressive. Finally, the most important aspect which is payments made via mobile devices has soared sky high, marking a growth of 54% and a total amount of processed money that reached $49 billion.
Finally, their payment service Venmo has recorded a surreal growth of 80%! This option is extremely popular with millennials and since they are just coming of age when are shopping online in a significant amount, this is more than an encouraging signal. This service processed more than $12 billion in the first three months of 2018.
All these parameters indicate that the loss of eBay as a strategic partner will not have the consequences many have expected and that the company still continues to grow at a speed that guarantees to maintain a leading role on the market.
Dan Schulman, who is a CEO of this company thinks that this growth is a result of a well-devised growing strategy. He claims that PayPal has evolved from a simple button that pays the bill into a fully grown payment processing service that offers a myriad of options to both shoppers and merchants in a digital world. He feels that the consumers have recognised the value that PayPal brings and that this will result in further growth and quick expansion in the following months and years.