The company said that it added 13.3 million net new active accounts during the quarter, and the total at the end of the period stood at 416 million.Ĭhief Financial Officer John Rainey said that there had been a profound shift in eCommerce that has helped to displace cash. Supplemental materials and additional commentary on the call showed that transactions without eBay were 34% higher than a year ago. 8, the company said that total payments volume was 26% higher year on year to $310 billion.
“This is evolutionary - quarter by quarter by quarter,” said Schulman, as the company adds a range of new features to its app, such as investing and stock trading.ĭrilling down into the most recent results, posted on Nov. Part of that was driven by crypto-related activity. During the period, Venmo volume was up 36% to $60 billion. Venmo at checkout represents a significant opportunity, given Amazon’s market share in the U.S. He said that the companies are still “working through” the launch timeframe - though it is scheduled to debut in 2022 - and said that “it is the beginning of a journey of our two companies teaming together.” Management said on the conference call that the volume tied to eBay was down by about 45% in the most recent period.Īnd in terms of revenue contribution, eBay represented less than 4% of PayPal’s $6.2 billion in the consolidated top line, where that contribution had been 13% a year ago. “Amazon is the latest example of what teaming up with an extremely significant player” in eCommerce looks like for PayPal, Schulman said on the call. The PayPal deal with Amazon is one that CEO Dan Schulman said would, as eBay is increasingly fading as a contributor to payments volume and revenues, allow the company to work with a variety of marketplaces. Read also: PayPal Not Buying Pinterest ‘At This Time’ And in its commentary: no acquisition of Pinterest, but a key tailwind in place with Buy Now, Pay Later offerings.
#Amazon paypal checkout driver#
shoppers to use Venmo at checkout starting in 2022.Īs would be expected as PayPal posted its latest Q3 results, eCommerce remains a key driver of top and bottom lines and double-digit volume momentum. 8) is a new partnership with Amazon that will allow U.S. The biggest buzz for PayPal and its latest quarterly results released on Monday (Nov.
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