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Paypal reports 244 M active customer accounts in Q2-2018

Paypal reported 244 million active customer accounts (of which 19.5 million were merchant accounts) for the quarter ending 30th June 2018 (Q2 2018), adding 7.7 million net new active accounts for the quarter. The company reported $ 3.86 billion in revenues in Q2, up 22% year-on-year (YoY).

The Numbers

  • Active User Base: 244 million active customer accounts, up 15% year on year. This includes 19.5 million merchant accounts. These are accounts that have been active for 12 months.
  • Net adds: 7.7 million net new active accounts added in the quarter, up 18% YoY.
  • International: 50% of accounts are active outside the US
  • Transactions per active customer account: 35.7, up 9% year on year.
  • Transactions: 2.3 billion transactions, up 28% YoY.
  • Total Payments Volume: $139 billion, up 27% YoY. Last quarter, it was $132.3 billion
  • Average Payment Value: $60, up 1% year over year.
  • Transaction revenue (transaction fees on payments) grew 19% year on year, while revenue from other value-added services grew 49%. Other value added services include interest, fees on PayPal Credit, loans receivable, subscription fees, gateway fees, revenue from partnerships etc.
  • Mobile: In Q2, PayPal processed $54 billion in mobile payment volume, representing 49% growth year over year.
  • P2P: 24% of Total Payments Value came from P2P (Venmo, Paypal and Xoom). Venmo, the social payments platform, processed $14.2 billion in payment volume in Q2, an increase of 78% over last year.
  • Take Rate (which is Total revenue / Total transaction value): was down at 2.77%, from 2.78% last quarter, and 2.96% for the same quarter last year. Take rate has been trending down for Paypal. Transaction take rate was also down, 2.38%, from 2.42% last quarter.
  • One Touch: In Q2, about 102 million consumer accounts opted into One Touch (which allows users to remain logged into the system to make payments), up from 92 million last quarter. At the end of June 2018, 9.5 million merchants offered One Touch compared with 8.6 a quarter ago.
  • Merchant services (non-eBay related) accounted for around 88.1% of PayPal’s total volume in the quarter, up 30.1% YoY.
  • Acquisitions during the quarter: PayPal announced the acquisition of  iZettle for approximately $2.2 billion in May; acquisition of Jetlore for approximately $16 million in May; Hyperwallet for approximately $400 million in June and Simility for approximately $120 million also in June. During the quarter, PayPal also announced the closing of its consumer credit receivables transaction with Synchrony in July 2018.

Going forward

The financial technology company also raised its full-year forecast, saying it now expects revenue between $15.3 billion and $15.5 billion in 2018. PayPal previously projected adjusted full-year earnings between $15.2 billion and $15.4 billion.

Download: | Investors Presentation | Financials

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