PayPal says that 2016 profits are up. The company announced 4.5m new accounts taking its total user base to 184m at the end of March.
Independent from eBay since last summer, the firm says net income climbed 28% year on year in the first
three months of the year to $452m as its scale and push on mobile helps drive more money back to its coffers. The payments firm grew its revenues in the three months to March 31 by just under a fifth (19%) in the period to $2.5bn, boosted by growth in mobile payments as it moves to match its dominance online to smartphones and tablets.
PayPal results at a glance
> Profit up 28% year on year to $452m
> Revenues up 19% to $2.5bn
> 4.5m active customer accounts added, taking total to 184m
> 1.4bn transactions processed
> $81bn total payment volume, up 31%
The firm is successfully funnelling more payments through its platform, saying the number of transactions it processed increased 26% to hit 1.4bn in the first quarter of the year. Repeat custom and user loyalty is a key focus for the company as competition in money transfer and payments continues to heat up and the firm. PayPal says that on average an active account is making 28 payments on a trailing 12 month basis, up 12% year on year and coming in at just over two transactions per month.