PayPal, as we all know, is a company known for its payments platform which most of the people use in order to transfer money from one account to another. This is also a platform where people do major transactions as well as micro ones in order to send and receive payments while doing payments on other platforms as well. For example, you might want to pay money through PayPal when you are purchasing from a store that does not have its own payments platform and payment gateway.
This means that the company might be soaring right now as e-commerce orders are at an all-time high. Well, that is exactly the case as PayPal does have an outstanding path ahead. The company has revealed that they are seeing an unprecedented increase in use of their payment gateway and people are using the platform more than ever before. The company also revealed that May 1 has been the best day for PayPal to date since launch as they saw the largest number of transactions taking place on that day. Now, we don’t know the reason behind it but it is good to know that was the case.
Apart from that, we also know that PayPal was earning a lot from foreign transactions because it is hard for people to pay when they are travelling. But since that has stopped now, the company might be struggling in that department. Yes, that is indeed true but the company says that their online transactions are already offsetting the foreign transactions by a long margin and there is nothing to worry right now. Ticket bookings and event transactions are also a big thing for PayPal but that has also stopped. PayPal says that they have also “distributed well over $1 billion” through PPP loans, with an average loan size of $35,000.