PayPal Hits 100 Million Users
Popular payment processor PayPal has just announced that they have reached a milestone by hitting the 100 million active user mark. The company is optimistic about the number of mobile payments to be made this year, doubling their previous estimate of $3 billion.
The company which is owned by eBay had 94.4 million active users at the end of 2010. Statistics show that 1 million users sign up for the service every month.
PayPal has now become a very important part of eBay and now comprises of 39 percent of the total revenue made. For the first quarter of this year, PayPal was able to generate $1 billion in revenue which is an increase of 23 percent from the same period last year.
The popularity of smartphones has only made PayPal more accessible to more people as it now considers mobile payments a major source of revenue. The company must not let its guard down though as other competitors are slowly introducing similar services. Google is one such company with its Google Wallet service as well as Square which is new in this field but already increasing its number of users.
PayPal was founded in 1988 then later on acquired by eBay in 2002 for $1.5 billion in stock.