PayPal is cashing in on the digital payment boom.
According to Reuters, PayPal Holdings Inc reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes.
PayPal’s quarterly performance builds on an equally strong 2020 for the company, which also saw record levels of payment volumes.
San Jose, California-based PayPal processed a total of $285 billion in payments in the first quarter, up 50% from a year earlier, and added 14.5 million net new active customers.
“Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,” Chief Executive Officer Dan Schulman said in a statement.
The company has been among the big winners of the pandemic as more people used its payment services to shop online and pay bills while staying indoors during the health crisis.