PayPal is known across the planet.

It’s been offering its services since 1998, although it was originally called ‘Confinity’.

In this form it provided security software for mobile devices.

As this approach didn’t work, the company switched to digital wallets in 1999, rebranded itself as PayPal, and the rest is history.

As the following PayPal usage statistics will show, this app quickly became a hit and is even more relevant today.

In 2002 it became an eBay subsidiary and approximately 70% of eBay transactions are carried out through PayPal.

By 2010 PayPal had gathered 100 million users, was available in 25 countries, and 190 different markets.

Today, it’s grown a lot bigger.

Post Contents

1 Key Statistics
2 Top PayPal Usage Statistics in 2024
3 PayPal & The Future
4 Summing Up
5 Sources

Key Statistics

PayPal revenue for 2022 was $27.5 billion
By the end of 2023 PayPal had 435 million active users
PayPal has 59% of the payment service market in theUSs
The average PayPal account processes 51 transactions per year
You can access PayPal in over 200 countries and regions
71% of consumers trust a business that uses PayPal
56% of US citizens have a PayPal account
There are 29 million merchant PayPal accounts
Venmo is a popular subsidiary of PayPal
PayPal has nearly 31,000 employees

Top PayPal Usage Statistics in 2024

1. PayPal Revenue For 2022 Was $27.5 Billion

Reports show that PayPal made $7.4 billion in the last quarter of 2022! This was its best quarter and served to give a total revenue of $27.5 billion for 2022.

The majority of PayPal revenue comes from commissions. Every time you use the service you’ll be charged.

The amount fluctuates as it’s a percentage of the transaction.

The percentage is set at 2.9%. That’s $2.90 on a $100 transaction, and significantly more on larger transactions.

You can usually receive money for free, but you’ll be charged to withdraw it or send it to someone else.

$2.90 for a small transaction doesn’t sound like a lot, until you realize there are millions of PayPal transactions completed every year.

(Statista)

2. By The End Of 2023 PayPal Had 435 Million Active Users

PayPal has gradually increased in popularity.

It experienced a steady surge of users between 2010 and 2020 as digital wallets became more popular.

However, the global pandemic forced people to stay at home.

Many of them were looking for new ways to pay and be paid. As PayPal is so well known, it’s generally trusted.

The purge caused by the pandemic meant that PayPal gained 8.6 million accounts in 2022, a similar volume to the two preceding years.

Today, it has over 435 million active accounts.

That’s accounts which are used at least once a year to make a purchase or transfer funds.

(Business Of Apps)

3. PayPal Has 59% Of The Payment Service Market In The US

Reports show that 56% of Americans have, and regularly use, a PayPal account.

Adults aged between 41-56 are reported to use PayPal more than adults in any of the other age groups.

As these adults often have the most buying power, they significantly assist in PayPal’s ability to dominate the market.

It presently has a 59% share of the market, significantly more than any other payment service provider.

This statistic is similar when you look at the global payments market.

PayPal currently has a 42.05% market share.

Its main competitor is Stripe with just 18.83% of the global market and 14.49% of the US market.

With 75% of Europeans trusting PayPal and 85% of Generation X admited to having used PayPal, the above figures aren’t really surprising.

(Wall Street Zen)

4. The Average PayPal Account Processes 51 Transactions per Year

This figure is heavily influenced by small businesses processing multiple transactions daily.

However, it still reflects the popularity of PayPal as the average customer completes 51 transactions per year.

(PayPal)

5. You Can Access PayPal In Over 200 Countries And regions

PayPal has been designed to offer the best possible service, regardless of where you are in the world.

It allows you to pay in USD anywhere in the world, or you can use the local currency.

It currently supports an array of currencies, as many as 25. This includes the almighty US dollar and the Japanese Yen.

This is backed up by its global network. You can access PayPal easily in over 200 countries and regions.

For example, the US has over one million websites which use PayPal, the UK has over 300,000, and Germany has 291,000.

Even Russia has 76,000 websites using PayPal.

In short, you can access PayPal virtually anywhere in the world and complete your financial transfer with the minimum of fuss.

In fact, there are only 28 countries where you can’t use PayPal.

(PayPal)

6. 71% Of Consumers Trust A Business That Uses PayPal

One of the hardest things for any business to do is generate trust from its consumers.

This, along with a good reputation, is critical for its success.

There are many ways in which businesses can build reputation and trust.

However, according to the latest figures, 71% of consumers will trust a business that offers PayPal over any business which doesn’t.

In short, if you own a business, offer PayPal to help elevate your brand name and recognition.

Interestingly, 71% of US-based e-commerce sites already accept PayPal.

That was in 2020, the figure has grown steadily before and after that.

(Statista)

7. 56% Of US Citizens have A PayPal Account

As a sign of how important PayPal has become, a recent survey highlighted that 56% of Americans already have, and regularly use, a PayPal account.

The number of new accounts being created is slowing, but there are still between 5-10 million created every year.

With such a large market percentage this fact isn’t that surprising.

After all, in 2021 87% of online shoppers completed a transaction with PayPal.

Alongside this, roughly 93% of Italian physical stores listed PayPal as a payment option.

The average funds in a PayPal account are $485. That’s significantly more than the amount most people carry around in their wallet.

55% of people keep funds in their PayPal account to make it easier to purchase things online.

A further 25% said that it was easier to track spending via PayPal.

(PayPal)

8. There Are 29 Million Merchant PayPal Accounts

The exact number of merchant accounts should be documented.

However, it’s simple to create an account and have it go unnoticed.

That’s why the number of active merchant PayPal accounts is an estimation.

It’s currently believed there are over 29 million merchant accounts.

That’s a significant rise from 2015 when there were just 13 million!

In fact, the number has risen by 2-3 million every year since, except for through the pandemic.

The pandemic saw a rise of 5 million over three years. Still impressive but the slowest growth rate in recent years.

Of course, this decline in merchant accounts was a result of businesses failing, a direct result of the pandemic.

(PayPal)

9. Venmo Is A Popular Subsidiary Of PayPal

PayPal has purchased or launched a variety of subsidiaries over the years, all designed to help ensure it is the major player in the market.

One of the most popular subsidiaries is Venmo. This service is reserved for use in the US and allows peer-to-peer payments.

It’s simple to use, cheap, and effective. That’s why it has become so popular in the US.

Other subsidiaries launched in recent years include:

Braintree

An online processing terminal for use by merchants only. This service incorporates both the gateway and an account, making it an all-in-one solution.

PayPal bought Braintree in 2013 for $800 million.

Xoom

This service works across the globe and makes moving money online via a mobile extremely easy.

It was well-established before PayPal bought it in 2015 for $890 million. It continues to be popular.

iZettle

This subsidiary cost PayPal $2.2 billion, but it allows PayPal to supply chip card readers and payment solutions for small businesses. It’s become a critical part of their success.

Honey

Honey is a browser extension. Users can install it and then access e-commerce discounts and coupons. It effectively reduces the price of goods, encouraging consumers to buy and that’s where PayPal makes its money.

(Business Of Apps)

10. PayPal Has Nearly 31,000 Employees

PayPal may not be the largest employer in the world but it still employs a significant number. As of 2022 it had 30,817 employees.

That’s nearly double the number it had in 2015. It’s 7,000 more than it had in 2019.

56.2% of employees are male and 43.7% are female. That ratio has stayed approximately the same since 2017.

It’s worth noting that 45.2% of PayPal employees are considered white and 33% are Asian.

The workforce is just 8.6% Hispanic and Latinos, and 7.4% black or African American.

As Asians make up just 6% of the US population, white people make up 60%, and African Americans 16%, there is room for improvement.

(Statista)

PayPal & The Future

Although there are plenty of other payment services that can be used, for PayPal at the moment, the future looks rosy.

Experts predict the revenue will rise by between 5-10% per annum.

It’s expected that the 2023 revenue will be rapidly approaching $30 billion.

There are several reasons why this is likely to happen:

Reputation

One of the most obvious success factors for PayPal is its reputation.

Despite PayPal data having been breached on several occasions, it retains the perception of a trustworthy and safe app.

This is vital to its future success. Provided PayPal can maintain this reputation and the appearance of caring about customers, it will continue to be the most popular option.