Nearly a third of Gen Z consumers will prefer to use apps for online payments in five years, according to Logica.
Let’s take a look at PayPal’s share of the consumer wallet:
47%: The percentage of US digital buyers who used PayPal to make an online purchase in the last month, per a June 2022 BizRate Insights survey. Thirty-two percent used PayPal for in-store purchases.
$6.8 billion: PayPal’s net revenues for the second quarter (excluding eBay), a 9% increase year over year. The company expects revenue to reach $27.85 billion this year, up from $25.4 billion in 2021.
22 million: The number of consumers who have used PayPal’s buy now, pay later (BNPL) services since its launch in June, making it the most used BNPL service in the US with over half of consumers as users, per LendingTree.
$282.44 billion: Our forecast for Venmo’s US mobile peer-to-peer (P2P) transaction value in 2022, about a quarter of total US mobile P2P transaction value this year. Venmo drove over half of PayPal’s revenue growth in the second quarter.
10 million: The number of net new accounts that PayPal anticipates for 2022. Almost 80% of PayPal’s volume is driven by 30% of its active accounts.
Why we care: PayPal’s quick adoption of its BNPL services has paid off, while partnerships with Shopify and Mastercard continue to broaden its reach. Its ability to be a one-stop shop for merchants and consumers solidifies its reputation as a payments giant.
This was originally featured in in the Retail By the Numbers newsletter. For more retail insights, statistics, and trends, subscribe here.