PayPal Sees 50% YoY Total Payment Volume Jump in Q1 2021
PayPal Holdings, Inc. (PayPal), a payment giant in the world, has posted its financial results for the first quarter of 2021, showing strong growth in total payment volume (TPV) and revenue.
According to the press release, the TPV of the company stood at $285 billion in Q1 2021, which is a jump of 50 percent compared to the same period in 2020. From January to March, the US-based firm reported a total revenue of $6.03 billion, which is a jump of 31 percent compared to Q1 2020. In addition, the payment giant reported GAAP EPS of $0.92 for the first quarter of 2021. The GAAP operating income of PayPal soared by 162 percent to $1.04 billion in Q1 2021 compared to Q1 2020.
The total number of active accounts reached 392 million in Q1 2021, hitting a new record in the company's history. For the first quarter of 2021, the company added 14.5 million net new active accounts.
Dan Schulman, President and CEO of PayPal Holdings, said: "Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy. Our addressable market continues to grow as we launch new products and services for our 392 million active accounts."
Fazzaco earlier reported that PayPal has launched "Checkout with Crypto", which is a new feature significantly expanding the utility of cryptocurrency. Additionally, the company has partnered with Coinbase to allow its customers in the US to buy crypto on its platform using their debit cards and bank accounts.
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