PayPal and its wallets operate in a very different segment of the payments market. Ecommerce has been surging through 2020 and PayPal is benefiting, amassing an incredible 361 million active accounts, up 22% year-on-year and processing a total of $247bn in the quarter.

In the cross-border segment, growth continued to be strong, reaching a record value of cross-border volume at $40bn in the quarter. Asia to the US and intra-Europe drove the strong Q3, with strength in the fashion, cosmetics, gaming and home goods categories. 

The decline in share of total payments is more a reflection of the continued growth in the performance of Venmo, PayPal’s US domestic payments app. As a side note, Venmo’s US competitor Zelle performed strongly in Q3, processing $84bn of payments compared to Venmo’s $44bn.

Daniel Webber

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Daniel is Founder and CEO at FXC Intelligence. Daniel is a leading influencer in the global payments space internationally. He is frequently invited to speak at industry conferences and provide insights and data on the sector. Daniel is widely quoted across the sector including in The Economist, Wall Street Journal, Reuters and Daniel is also a contributor for Forbes.com. FXC Intelligence's weekly industry newsletter is the most widely read in the international payments market.