PayPal CEO Dan Schulman (pictured) highlighted the company’s continued mobile growth in Q4 and significant opportunity in China, amid news it lost its long-time position as the primary payment method on eBay.

In an investor call, the company talked-up its growth and large customer wins during 2017, while former parent eBay revealed it had signed a deal with Dutch transaction processor Adyen.

The online auction company’s agreement means Adyen will replace PayPal as the primary payment option on its platform, although PayPal will remain available as an alternative until at least 2023.

Mobile boost
During Q4, PayPal customers spent $48 billion using mobile payments, up 53 per cent year-on-year. Its person-to-person cash transfer service processed $27 billion, up 50 per cent, and social payments platform Venmo processed $10.4 billion – a boost of 86 per cent.

Schulman hailed the performance of its mobile brands and noted this was the first quarter Venmo surpassed the $10 billion barrier.

In the coming year, Schulman said the company would look to take advantage of the partnerships it signed in China, including with Alibaba’s AliExpress platform and search company Baidu.

“In China where mobile payments are a thriving part of everyday life, our relationships with strategic partners have the potential to substantially increase our opportunity,” he added.

Across its whole operation PayPal’s net income for the quarter was $620 million – up 59 per cent year-on-year – on revenue of 3.7 billion.