PayPal Profits Jumps 86% on Pandemic-Driven Online Spending Shift

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Simply known as PayPal, Payments Processor PayPal Holdings Inc just read their second quarterly reports. Surprisingly? There was a surge in online purchases, hence an increase in the company profits to a whole 86%.

PayPal earnings have increased over time, but when the pandemic stepped in, the company did not anticipate such an increase. This is due to the fact that initially, the revenue fell by around 7%, from 26% increase at the start of the year to 19%.

However, as people quickly adapted to the impact of the pandemic, online buying became an obvious norm. Cashless buying was the way to go. Whether you want daily supplies or assets, online stores were the solution.

And what was the most convenient method of payment? Obviously, cashless payment methods. The most convenient and popular method is PayPal, so you can imagine the impact.

And, PayPal continues to anticipates a greater increase in revenues in the year, 22% more in the least.