Wow. PayPal released some new public numbers recently that show the payments platform is processing a massive number of payments per day. PayPal says that it saw $3,650 in Total Payment Volume every second in Q2 2011. By our calculations, that means PayPal is processing around $315.3 million in payments per day. On average, the payments platform is seeing upwards of over 5 million transactions a day.
PayPal has unequivocally been the crown jewel in parent eBay’s family of businesses. This past quarter, PayPal delivered its first-ever billion dollar revenue quarter. Total net total payment volume (TPV) grew 34% compared to the same period of last year. And PayPal is actually closing in on eBay’s marketplaces segment in terms of revenue (which posted $1.6 billion in revenue in Q2).
Another area where PayPal is growing fast is mobile. The company said earlier this year that is seeing $10 million in mobile transactions per day, and expects more than $3 billion in mobile TPV this year, compared to $750 million in 2010.
To put the $315 million number in perspective, fast growing startup Square (which of course offers an in-store payments product) is seeing $4 million in payments per day. PayPal wants to also tackle in-store payments as well and will be debuting several retail partnerships for this technology this year. And Facebook is generating a fair amount of volume for PayPal as well. It should be interesting to see what eBay and Facebook have up their sleeves in a few weeks.
PayPal’s Total Payment Volume in 2010 represented nearly 18 percent of global e-commerce. With the way that the payments platform is growing, this number should increase in 2011.
PayPal is an online payments and money transfer service that allows you to send money via email, phone, text message or Skype. They offer products to both individuals and businesses alike, including online vendors, auction sites and corporate users. PayPal connects effortlessly to bank accounts and credit cards. PayPal Mobile is one of PayPal’s newest products. It allows you to send payments by text message or by using PayPal’s mobile browser. PayPal created the Gausebeck-Levchin test, which is an implementation...