- The company reported growth in its Cash Back to Crypto program
- PayPal recently announced that it will allow UK customers to buy, hold and sell cryptocurrency and access the Cash Back to Crypto program
PayPal reported a 13% increase in revenue for the third quarter of 2021 and emphasized plans to increase cryptocurrency offerings Monday.
The payments provider beat on earnings per share, reporting $1.11, adjusted, for the quarter versus the expected $1.07 analysts expected. PayPal however missed on revenue, reporting $6.18 billion versus expected $6.23 billion.
PayPal recently announced that it will allow UK customers to buy, hold and sell cryptocurrency and access the Cash Back to Crypto program. The company reported growth in its Cash Back to Crypto program, launched in August, which allows Venmo Credit Card users to automatically purchase digital assets from their Venmo accounts using cashback earned from card purchases.
“Our rapid pace of innovation continues,” said John Rainey, CFO and executive vice president of global customer operations, during the earnings call Monday. “We had an exciting cadence of product introductions, including our new digital wallet apps for both PayPal and Venmo and the launch of crypto by wholesale in the UK.”
PayPal’s Venmo app reported a payment volume increase of 36% to $60 billion. The app began supporting cryptocurrency services in the beginning of the second quarter of 2021. The company also announced that customers will be able to use Venmo for purchases made on Amazon.com and on the Amazon mobile shopping app starting next year.
PayPal hinted that the company would expand its reach into the cryptocurrency space in July, including work to help the development of a central bank digital currency.
PayPal’s new app has been very successful, Dan Schulman, president and CEO of PayPal, said during Monday’s earnings call.
The app has led to “a 15% increase in first-time users transacting with crypto and it has also driven a 35% lift in our cash card enrollments,” he said.
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