PayPal Posts Record Profit and Net Active Accounts in Q2 2020 Results
International Payment gateway PayPal posts record surge in transactions and new accounts that make 86 percent higher profit in Q2 2020.
During this pandemic hit quarter, Paypal processed $222 billion (roughly Rs. 16.61 crores) in payments over the period, up 30 percent from a year earlier.
The rate of payment growth compares with a year-earlier increase of 26 percent that had slowed to 19 percent in the first quarter when the pandemic broke and retail spending collapsed broadly.
The company added 21.3 million accounts during the quarter, up 137 percent from a year earlier.
Net income increased to $1.53 billion (roughly Rs. 11,446 crores), or $1.29 (roughly Rs. 90) per share, in the quarter ended June 30, from $823 million (roughly Rs. 6,159 crores), or 69 cents per s...