The value of PayPal’s mobile transactions increased 51 per cent year-on-year in Q1 to $32 billion.
The company is actively pursuing a mobile-first strategy in its product offering and, by end-March, 32 per cent of money passed through the platform originated from a mobile transaction.
In a statement, the payments provider said: “PayPal’s mobile-first approach to product development is driving increasing engagement across the platform.”
PayPal offers its own-brand services in addition to mobile offerings operating under the brand-names of acquired companies including: social payments platform Venmo, in-app commerce company Braintree and remittance company Xoom.
The value of Venmo’s mobile transactions during the quarter increased 113 per cent year-on-year to $6.8 billion. Figures for Braintree and Xoom were not broken out in the quarterly statement.
So far this year, PayPal announced several mobile partnerships, including a tie-up with Google in mid-April to boost point of sale acceptance in the US, and a partnership with Visa to accelerate its mobile acceptance in APAC.
In a corporate blog, CEO Dan Schulman (pictured) said: “We are excited that we expanded our partnership agreements with leading companies like Google, Wells Fargo, Visa in the Asia Pacific region, and Vodafone in Europe to give our customers greater choice when using PayPal.”
“These partnerships make PayPal more available everywhere our customers want to shop and pay.”