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PayPal processed $86.2 billion in total payment volume (TPV) in Q2 2016, marking an increase of 29% year-over-year (YoY).
That’s a new record for the firm, which is adding services and building new partnerships in order to deepen customer engagement. The firm is adding customers. PayPal now counts 188 million customer accounts, up from 184 million last quarter. And those customers made 1.4 billion transactions in the quarter, marking 25% YoY transaction growth and a new high for the company.
Those customers are getting more engaged. The average account now makes 29 transactions per quarter, up from 26 a year ago. That points to PayPal’s ability to not just capture new customers, but find ways to engage both old and new clients.
That’s particularly true in the mobile space. PayPal processed $24 billion in mobile TPV, marking 28% of the firm’s total volume in the quarter and a sequential increase of two percentage points. That’s a critical advance in the fastest growing area in the payments space.
PayPal believes that growth is a result of robust offerings that cater to consumer needs and match current trends in the payments space. The firm has a wide variety of consumer offerings, including several peer-to-peer (P2P) payment offerings, a buy button, and a remittance platform.
Even more, all of these services are mobile-friendly, and many are emphasized in the firm’s new mobile app. PayPal is giving users flexible options skewed towards mobile, which is a high-growth area. That’s causing increased engagement, which in turn translates to transaction and revenue growth.
PayPal has been a staple of the payments ecosystem for years, and that does not appear to be changing anytime soon.Evan Bakker and John […]
