Three years ago, we embarked on a bold mission to transform PayPal from a product to a platform.
Our legacy was being a button on a website, but with the rapid digitization of money and the global proliferation of mobile technology, we knew that PayPal could be so much more. We understood that money was ripe for disruption, and that if we could further democratize financial services we could help billions of people join and thrive in the digital economy.
So, we set out to create an open, two-sided, digital commerce platform that could help merchants expand their opportunities, and empower consumers to take full advantage of the benefits of digital financial services. We worked to create strategic partnerships with companies in our ecosystem, including with those long seen as PayPal competitors, to expand and deepen the value proposition we could offer our customers.
Those ambitious goals have the potential to make a real difference in our rapidly-changing world. And while we’re just beginning on this journey, it’s helpful to take a step back and measure our progress. A few hours ago, we reported the financial results from our recently completed second quarter of 2017. While numbers can never tell the full story of a mission-driven company, they do provide a benchmark against our vision. To read more about our results, please visit the PayPal website.
We drove record revenues, volume, and net new actives:
In the second quarter, we added 6.5 million net new active accounts to our payments platform, the largest organic quarterly gain in our history as a separate public company. This means that we now have more than 210 million consumer and merchant accounts transacting on our platform around the world.
Our revenue for the quarter was $3.136 billion, the first time that we’ve exceeded $3 billion in a single quarter.
The total payment volume (TPV) on our payments platform was $106 billion for the quarter, the first time we’ve exceeded $100 billion in TPV in a single quarter.
We continued to drive towards a mobile-first mindset:
Our mobile payment volume - one of the key opportunities for growth for merchants around the world - was approximately $36 billion, or 34% of our total TPV for the quarter. This was 50% higher than our mobile payment volume was at this time last year.
OneTouch, our mobile-first check out experience, now has more than 60 million consumer accounts opted in, and is accepted by more than 5.5 million merchant accounts.
We improved core experiences, and added new digital financial services:
Total engagement on our platform increased by 10% over where it was last year, as our payment transactions per active account increased to 32.3 in the second quarter, up from 29.4 a year ago.
Venmo users sent and received nearly $8 billion in the second quarter, representing a 103% increase from this time last year.
On July 18, we announced that we have officially closed our acquisition of TIO Networks, which will add bill pay functionality to our platform and enable millions of people underserved by the traditional financial system to enjoy the benefits of digital finance.
We continue to partner across the ecosystem to expand the value we offer our customers:
In the span of just a few short months, we’ve signed or strengthened major deals with key players in the technology and financial spheres, including Visa, JP Morgan Chase, Citi, Bank of America, Google, Apple, Facebook, and Samsung.
We continued to extend deeper into China by expanding our existing relationship with Alibaba and by signing an exciting new deal with Baidu.
Although these are strong results, we feel that we are just beginning to seize the opportunities in front of us. We are growing in every key area of our business, and realizing the benefits from strong network effects as our scale continues to accelerate. The world continues to move towards our strengths as digital payments and commerce accelerate.
We are working hard to achieve the goals we’ve set out for PayPal. We realize we have so much more to accomplish. Fortunately, we are in a great position to be able to deliver value to our customers, and drive towards our vision of a democratized financial system. I’d like to thank every member of the PayPal family - including the team joining us from TIO - for your commitment, passion, and focus on putting our customers front and center in everything we do.