PayPal Gains Record Number of New Users in Fourth Quarter
PayPal gained a staggering 6.6 million accounts in the fourth quarter of 2015, a dramatic increase from the quarterly average of four million new accounts. The company says a big reason for its record-setting numbers is due to the shift to mobile shopping, particularly during this year’s holiday shopping season.
Another reason for this increase in PayPal users is the company’s acquisition of Xoom late last year. This yielded an additional 1.5 million active users for PayPal.
Overall, PayPal now has a total of 179 million active accounts. Programs like PayPal One Touch have seen tremendous growth over the last year, which could further contribute to the number of new users.
Perhaps the most important conclusion to draw from this success is that PayPal is doing well even after splitting from eBay. The company continues to progress forward post-split, which comes as no surprise because analysts feel PayPal was keeping eBay afloat prior to their current arrangement.