Online payments giant PayPal is the company that has increased its profits the most during the pandemic. Its revenue increased 31% to $6.03 billion in the first quarter of 2021, while net profit increased 1,206% from $84 million in 2020 to $1.1 billion in the first quarter of 2021. It also processed a total of 285 billion dollars in a year in the first quarter, up 50% from the previous year.
This global American company that supports inter-user money transfers from its customers increased by 14.5 million in the first quarter of 2021 to 392 million accounts. The payments provider expected a 30% increase in total payments volume in 2021 and said it expects to add between 52 and 55 million new net active accounts this year.
Venmo is the most popular online payment services company in the United States with more than 70 million users. Venmo, which was bought by PayPal in 2014 for $800 million, has seen an increase in its users and income. It processed $51 billion in payments in the quarter, up 63% year over year.
Venmo wants to integrate usage into businesses, accept customer payments and add a QR code that makes it easy to set up for business transactions. You also have the option to purchase supplies or inventory for businesses through the company’s app or website. For some business owners, the transfer limit is a critical factor, and Venmo’s limit for a single transaction is $4,999, which is convenient for many businesses. Venmo also accepts cryptocurrencies, such as Bitcoin.
“Our strong results in the first quarter demonstrate sustained momentum in our business as the world transitions to a digital economy,” CEO Dan Schulman said in a statement, noting that cryptocurrencies were a key driver of growth. According to Schulman, half of the users open the PayPal app every day to transact with cryptocurrency. Which is that since October of last year, PayPal customers in the US can buy, sell and store cryptocurrency.
Other forms of digital payment that have increased dramatically during the pandemic are Google Pay and Apple Pay. Braintree is less well known but is used by merchants in 45 countries where payments can be made in more than 130 currencies. Braintree is a very good choice for those who do business internationally. Widely used in the United States, Zelle is a digital payment network owned by Bank of America, JPMorgan Chase, Capital One, CitiBank, Wells Fargo and others.
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