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PayPal Cheers 'Great Results' from Crypto Service as Revenue Surges 31%

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Published on:
May 6, 2021

Half of those who buy crypto using PayPal log into the app at least once a day — increasing engagement.

PayPal Cheers 'Great Results' from Crypto Service as Revenue Surges 31%

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PayPal has unveiled the strongest first-quarter results in its history, with the company’s CEO proving to be exceedingly optimistic about its crypto service on an earnings call.

 

The payments giant saw total payment values hit $285 billion between January and March — that’s up 50% year on year. Meanwhile, revenue rose by 31% to $6 billion.

 

On the call, Dan Schulman revealed that the company’s research indicates that 50% of customers expect to use cryptocurrency in the future. It’s also very good news for PayPal when they do, as half of these users log into the app at least once a day.

 

Setting out his vision for the future, Schulman added:

 

“Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”

 

Schulman also revealed that PayPal has been in talks with governments worldwide about the prospect of central bank digital currencies, and many believe that such assets will form a crucial part of their monetary ecosystem in the future.

 

Reaffirming that PayPal has a long roadmap for crypto in place, he added:

 

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”

 

Crypto Milestones 

PayPal now allows American customers to make purchases with merchants using cryptocurrencies — and support for digital assets was rolled out to Venmo last month. Looking ahead, the company has confirmed that the U.K. will be the next international market where its crypto service launches.

 

The company’s enthusiastic approach to facilitating crypto payments means it’s got a sizable head start on other legacy brands that plan to integrate digital assets — including Mastercard and Visa. Recently, eBay also confirmed that it was exploring whether it can allow shoppers on its platform to pay using crypto.


Author(s)

Connor Sephton

I cover the crazy world of crypto.

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