PayPal, a payment service provider (PSP), with nearly 429 million active users on its platform, PayPal processed 5.61 billion transactions in the first quarter of 2022, which is equivalent to carrying out 664 transactions every second in the first three months of 2022. In terms of growth in the number of payments, Q1 2022 witnessed an 18% growth over the same period in 2021. In the year 2021, PayPal processed nearly 19.35 billion transactions.
As of March 31, 2022, nearly 55% of the active PayPal accounts are from the US. The number of payments and payment volumes are thus driven majorly by the users residing in the US. During the period 2015 to 2022, the payments made on the PayPal platform have shown a periodic rise in the number of payment transactions during the last quarter of every year. In the US and major parts of the world, the holiday shopping period generally starts in late October and continues to the end of December, sales across the retail sector witnessed a dramatic increase during this gifting season. Holiday shoppers use PayPal to make the payments for their purchases, thus driving the number of transactions every year in the last quarter.
PayPal defines the number of payment transactions as the total number of payments, net of payment reversals, successfully completed on PayPal’s payments platform or enabled by PayPal via a partner payment solution, not including gateway-exclusive transactions.
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