PayPal Expects to Exceed 400M Active Accounts by End of Q2

PayPal believes the “shift” in consumer behavior to e-commerce will stay “essentially unchanged in a post-COVID world,” said CEO Dan Schulman on a Q1 call Wednesday. “Consumers have expanded their digital lives into a seamless online and off-line experience.” Shaping a future “where everyone can participate fully in this new digital paradigm has never been more important,” he said. PayPal transactions in the quarter reached about 4.4 billion, growing 34% year over year, said Schulman. It added 14.5 million net new active accounts, ending the quarter with 392 million, up 21% from Q1 2020, he said. It expects to exceed 400 million active accounts by the end of Q2, he said.