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2020 was a record-breaking year for PayPal, in more ways than one.
It acquired the highest number of new active accounts during the second quarter, and reported record payment volume growth and revenues in the third quarter last year. Its stock price, which bottomed out at around $85 per share in March, is trading above $230 as of Thursday afternoon.
And the payments giant is just getting started. PayPal CEO Dan Schulman has his sights set on reaching 1 billion daily active accounts. As of the third quarter last year, PayPal has more than 361 million active accounts. While the majority of that is made up of consumers, 8% are merchants.
“It’s an aggressive and aspirational goal, but it’s a goal that drives us because I want the company and I want people to know where we are going,” Schulman told Insider. “We know what our North Star is.”
Schulman hasn’t confirmed a timeline for his goal, but given PayPal’s performance in 2020 and the accelerated shift toward digital payments, analysts say that his moonshot is feasible.
“PayPal’s brand is really resonating with both consumers and merchants during the pandemic. That’s been very impressive,” Jeffrey Cantwell, director and analyst at Guggenheim Securities, …read more
Source:: Businessinsider – Technology