![]() To be sure, PayPal wasn't the only payments company to see growth in 2020. Read more: PayPal workers were struggling to make ends meet. "We think there's plenty of room for PayPal to continue to grow on net new actives," Cantwell added. That's been very impressive," Jeffrey Cantwell, director and analyst at Guggenheim Securities, told Insider. "PayPal's brand is really resonating with both consumers and merchants during the pandemic. 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. "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. While the majority of that is made up of consumers, 8% are merchants. As of the third quarter last year, PayPal has more than 361 million active accounts. PayPal CEO Dan Schulman has his sights set on reaching 1 billion daily active accounts. Its stock price, which bottomed out at around $85 per share in March, is trading above $230 as of Thursday afternoon.Īnd the payments giant is just getting started. 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. Visit Business Insider's homepage for more stories.Ģ020 was a record-breaking year for PayPal, in more ways than one.But competition is fierce among digital wallet providers, including the likes of Apple, Google, and Cash App parent company Square.Analysts are optimistic that PayPal has plenty more room to grow, especially if it can increase the frequency with which its users engage with its products.To hang on to existing users and win more, PayPal is focused on offering more than just online checkout.CEO Dan Schulman has his sights set on 1 billion daily active accounts, almost triple PayPal's existing 361 million accounts.PayPal saw record growth in new accounts, revenues, and transactions in 2020.
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