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PayPal cross-border payments Q3 2020 earnings analysis

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.

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