In 2002, eBay purchased PayPal. In the following years, this proved to be a strong strategic move which helped the company to grow stronger than ever. Currently, PayPal has around 203 million active accounts, a number that is predicted to steadily rise over the next few years as PayPal releases some of its newest features and initiatives, one of which is for the company to expand its presence offline.
Also Read: Explaining Payment Methods by PayPal
Not only are the active accounts predicted to grow, but as are the payments per account, both of which will help to drive growth in PayPal’s revenues.
It seems as though people just love using PayPal, currently it is the 3rd most preferred payment option, following Visa and MasterCard.
US customers have rated it the second safest payment system after a credit card, and they are likely to recommend the service to others once they have used it. In fact, the demand to use PayPal seems to exceed the supply.
How Fast is PayPal Growing?
Not only is PayPal growing in popularity, but it is growing fast. From 2016, payment transactions have grown by 22.5%. The net income has now reached $384 million, which again is an increase from 2016, up by 5.2%. 2017 alone has brought over 5 million active customer accounts, an increase of 10.3% from 2016.
These numbers alone show how rapidly the company is growing, and if they continue with this success, should continue to grow.
Despite the fact that PayPal is unquestionably doing very well, there is nothing stopping some of its close competitors also stepping up to the mark. The company is facing some tough competition from the likes of Visa, MasterCard, and American Express.
What makes PayPal stand out from these other companies is the fact that is a low hassle method of payment, and this fact is what the company needs to use in order to gain customers, convincing them that this way of paying is better than the old version of making transactions.
PayPal is certainly keeping up with the times in terms of its mobile integration. Users can now make transactions through their mobile with a service that works through their mobile app. The next challenge is to get customers to use the service to make offline transactions also.
If you still are wondering why it is that PayPal has got to where it is today, we strongly suggest you take a look at the detailed infographic that can be found at www.paynplay.co.uk. The infographic is stuffed with some of the most up to date information available and is well worth a look.