PayPal is a digital payment and payment technology platform, that processes payments for its customers and other companies. PayPal has partnered with numerous tech companies and financial institutions including Google, Apple, eBay, Mastercard, JPMorgan Chase, and Visa.
The number of users on the PayPal platform is tracked and recorded based on the number of active accounts. PayPal defines an active account as an account registered directly with PayPal or a platform access partner that has completed a transaction through PayPal’s payments platform, not including gateway-exclusive transactions, within the past 12 months.
PayPal has recorded steady growth in active accounts and payment volumes over the years. PayPal crossed the 200 million active accounts mark in March 2017 and to double its active user count, PayPal took roughly 4 years, with 403 million active accounts in June 2021. As of March 2022, the number of active accounts on PayPal stood at 429 million users.
The acquisitions and partnerships made by PayPal have paid off with user growth. PayPal has made strategic acquisitions, it has acquired the payment app Venmo in September 2013, PayPal acquired Xoom in November 2015 adding 1.5 million active accounts from the US to its global tally of active accounts, and in early 2020 PayPal acquired Honey, which had nearly 17 million monthly active accounts at the time of acquisition. PayPal partnered with Instagram in March 2019 to provide a new checkout experience for buyers and sellers on Instagram, the feature was named “Checkout on Instagram”. This partnership raked in more payment volumes and active accounts for PayPal.
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