In the fourth quarter, the payments giant PayPal attracted 16 million new customers and processed payments totaling $277 billion. According to CEO Dan Schulman, the company is actively investing in its cryptocurrency division, which has more than met expectations.
Total PayPal revenue for the fourth quarter rose 23% year over year to $6.12 billion. The financial results were positively influenced by the crypto support that appeared for PayPal customers in the United States on November 12.
Specific figures in the context of digital assets are not disclosed. However, it is known that on January 11 users carried out transactions totaling a record $242 million. The company did not include in the overall payment volume those related to cryptocurrency.
In a PayPal presentation, buyers of digital assets login to their accounts twice as often as before the purchase.
“We are ready to build on that success by allowing customers to use cryptocurrencies in payments with any of the 29 million merchants. We expect to launch our service in the first country outside the United States in the coming months,” said Schulman.
He also promised to unveil an expanded roadmap for blockchain and digital currencies in 2021. In the presentation, this area is described as a “key strategic priority”
According to Schulman, the company is working with regulators to shape “the next generation of the outdated financial system”.
PayPal CFO John Rainey noted that the payments giant has good opportunities to acquire startups and leverage non-organic growth opportunities. This has long been a strategy tied to its unique position in the fintech ecosystem, he added.
PYPL Q4-20 Investor Update-(1) by ForkLog on Scribd
In a December Mizuho survey, 65% of PayPal customers said they would be willing to pay with Bitcoin for goods and services at 28 million points of sale .
Earlier, PayPal CEO Dan Schulman stated that in the future Bitcoin will be used more for everyday payments rather than as a store-of-value instrument.
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