PayPal Quarterly Payments Jump 85% in Three Years to Hit 3.2 billion in March 2020

Smart devices and a booming global eCommerce market have driven the rapid adoption of digital payments worldwide. Digital payments have changed the payment industry traditionally dominated by cash and credit cards, offering consumers lower fees and faster transfers at the touch of a button.

As one of the first and biggest players in the digital payments landscape, PayPal has played a huge part in building a cashless society, with rapid growth in the number of users and transactions.

The quarterly number of PayPal payments jumped 85% over the last three years, reaching 3.2 billion in the first quarter of 2020, according to data gathered by LearnBonds.

Transactions Rocket 25% Year-on-Year

One of the world's largest online marketplaces, eBay purchased PayPal back in 2002 and spun it off in 2015. However, the two firms had retained a close relationship, with PayPal continuing to process payments for eBay. But this is set to change when eBay's said in January it would replace PayPal as its main payment processing provider with Dutch rival Adyen.

However, thousands of retailers such as Home Depot and BestBuy and digital content sellers, such as Valve or Humble Bundle have picked up PayPal for in-store payments or digital wallet top-ups. Recently, even brick-and-mortar retailers and shops have begun accepting PayPal as a mobile payment method.

Today, the PayPal platform provides digital commerce and peer-to-peer money transfers in more than 200 markets worldwide. Its huge global reach has been driving steady growth in the number of transactions over the years.

In the first quarter of 2017, PayPal reached 1.7 billion transactions worldwide, revealed Statista data. By the beginning of the next year, this...