PayPal Recorded A 15% Increase in First-time Users Transacting with Crypto in Q3

The payment giant is also partnering with Amazon to let US customers pay with crypto-friendly Venmo at checkout.

During the earnings call for the period ending September 30, 2021, Dan Schulman, President and Chief Executive Officer of PayPal, said the company saw a 15% increase in first-time users transacting with crypto.

“On things like crypto, first-time users, once we did the app (the rollout of the new PayPal and Venmo app), went up by 15%.”

“Our strongest week ever for first-time users was like last week. And we've had strong weeks for first-time user growth on that. But clearly, the new app is driving both discoverability and conversion on the crypto side.”

The payment giant, which first allowed its users to buy, hold, and sell crypto last year, reported a 13% revenue growth for the Q3.

PayPal’s total payment volume rose 26% to $310 billion in the third quarter. By adding 13.3 million net new active accounts, the company’s total came to 416 million, it said in a statement.

The company projected an increase of about 18% in revenue for the year, equating to full-year sales of nearly $30 billion, less than the analysts’ estimates which sent its share prices sliding.

“Consumer confidence is weakened with the absence of stimulus payments.” “And with the economy reopening, more people may be likely to do their holiday shopping in-store.”

Talking about its pace of innovation, the company noted the launch of crypto by wholesale in the UK and cashback to crypto with the Venmo credit card.

PayPal’s Venmo app that started supporting cryptocurrency in April this year reported a surge of 36% in its payment volume to $60 billion in Q3. The company said it is teaming up with e-commerce giant Amazon to let US customers pay with their Venmo accounts, starting next year.

“This is obviously a very significant moment in our Venmo monetization efforts.”

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