PayPal Posts 26% YoY Increase in Total Payment Volume in Q3 2021

PayPal Holdings, one of the largest online payment platforms in the world, has announced its financial results for Q3 of 2021. The company reported a total payment volume (TPV) of $309 billion in the third three months of 2021.

According to the report, PayPal’s net revenue for the quarter reached $6.18 billion, growing 13% compared to the same period in the last year. In addition, the US-based firm reported GAAP EPS of $0.92 for the third quarter of 2021, which is a jump of 7% compared to the same period in 2020.

PayPal’s total number of active accounts reached 416 million by the end of the quarter as the company added approximately 13.3 million Net New Active Accounts (NNAs) in Q3 of 2021.

“Our third quarter results show solid growth on top of a record year. The strength of PayPal’s two-sided platform and ubiquity in our core markets has set us up to grow at scale, expand our work with existing merchants and attract new partners. We’re thrilled that we are teaming up with Amazon to enable customers in the U.S. to pay with Venmo at checkout,”Dan Schulman, President and CEO of PayPal Holdings, said.

For the fourth quarter of 2021, the company is expecting a growth of 12%~14% in revenue. PayPal is expecting the total revenue to reach $6.85 billion~$6.95 billion in Q4 of 2021.

Last month, PayPal launched Zettle Terminal,​ a new all-in-one point of sale solution, in the UK. The solution is expected to expand across additional markets in Europe in 2021 and into 2022, and in the US next year.