Stories

Nov 22, 2021

PayPal Quarterly Update – Q3 2021

Performance Corporate Announcements Quarterly Earnings

A roundup of PayPal news and business updates from Q3 2021.

Q3 News Highlights

Teamed up with Amazon to enable customers in the U.S. to pay with Venmo at checkout. Starting next year, customers will be able to make purchases on Amazon.com and the Amazon mobile shopping app using their Venmo accounts
In October, closed the acquisition of Paidy, a leading two-sided payments platform and provider of buy now, pay later solutions in Japan for approximately $2.7 billion, principally in cash. The acquisition of Paidy will enhance PayPal’s capabilities and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company’s existing cross-border ecommerce business in the country
Introduced new, personalized PayPal app with features and services such as in-app shopping tools, deals and rewards, up to two-day early access Direct Deposit, and bill pay. Announced plans to start rolling out PayPal Savings to customers in the U.S. in the coming months
Expanded cryptocurrency product offerings, launching the ability to buy, hold, and sell cryptocurrency in the UK and rolling out Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases
Launched the Zettle Terminal, a new, all-in-one point of sale solution that offers increased mobility in-store for small businesses. The Zettle Terminal is available in the UK and will continue to roll-out across additional markets in Europe in 2021 and into 2022, and in the U.S. next year.
Announced United as the first airline to offer PayPal QR Codes. This partnership is part of United’s easy-to-use, industry-leading suite of contactless payment tools. United customers on select flights can simply show a flight attendant the PayPal QR Code in the PayPal app and use it to buy snacks, drinks, and other inflight purchases while onboard.
Introduced new ways for customers to easily support causes and charities they care about, making it easier for people to give within the new PayPal app and adding new features to the PayPal Generosity Network.
Expanded global offerings of the popular PayPal Business Debit Mastercard in four new European countries – Belgium, Finland, the Netherlands, and Portugal. This is in addition to Austria, France, Germany, Ireland, Italy, Spain, the United Kingdom and United States where the PayPal Business Debit Mastercard is currently available.
Happy Returns by PayPal, partnered with Staples US Retail to offer Happy Returns' in-person return service in more than 1,000 Staples retail locations across the country.

PayPal’s Racial Equity and Social Impact Initiatives

Announced the winners of PayPal’s inaugural Maggie Lena Walker Award. Named in honor of the first Black woman to charter a bank and serve as its president in the U.S., the award seeks to celebrate the achievements of women from underrepresented groups in the U.S. who are economically empowering those in their community and creating a more inclusive world. The award was established and announced in March of this year.
Became part of the Digital Finance for Climate Resilience (DF4CR) Task Force, which recently released a Framework for Action that illustrates the opportunity for the financial sector to build climate resilience among the world’s most vulnerable populations. It also details steps innovators, catalytic funders, investors, regulators and policymakers, and other enablers can take to accelerate the ecosystem’s growth.

PayPal Explores The Third Wave of FinTech Innovation

PayPal’s Global Public Policy and Research Team recently released The Third Wave of FinTech Innovation, a four-part essay series that explores emerging and evolving trends in FinTech. The study draws upon data collected from a global survey of 4,000 individuals across four markets – the U.S., China, Brazil, and Germany. Here are some of the key findings:
- 58% of respondents in the U.S. like the idea of not having to carry cash or coins in the future. 43% have been using less cash since the COVID pandemic began. 26% want to use even less cash in 2021.
- When asked about the future of CBDCs, over 70% of people surveyed in the U.S. said that they would use a newly government-issued, secure, digital form of money that is usable online and everywhere cash is accepted.
- When asked about their behaviors and preferences regarding bundled financial services, 40% of respondents prefer to keep their money in one financial institution, while 38% prefer having money in multiple financial institutions.