PayPal grows business

PayPal grows business

PayPal, the e-mail funds tansfer business of electronic auction house eBay, has reported a 44% increase in the value of total payment transactions handled to $6.2 billion for the first quarter 2005.

PayPal reported total payment accounts grew 57% to 71.6 million. Active accounts were 22.1 million in the quarter.

Net revenues for the quarter were up 47% on last year at $233.1 million.

Seventy-one per cent of payments traffic over the system originated in online auction sales.

In a conference call, eBay CEO Meg Whitman pointed out that PayPal's user base exceeds that of Discover and is over twice the size of Bank of America's.

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