PAYPAL SEES REVENUE SURGE IN STRONG 2020 FINISH

Paypal Holdings Inc. said consumers flocked to its service in the final months of the year as they hurried to finish their holiday shopping and started using the company’s wallets to buy and sell cryptocurrency. The firm added a record 72.7 million active accounts in 2020, more than it forecast just three months ago, with the addition of 16 million accounts in the fourth quarter alone. That helped overall revenue climb 23 per cent to us$6.12 billion during the quarter, topping analysts’ estimates. “In this historic year, we released more products than ever before and have dramatically scaled our acceptance worldwide, giving our 377 million consumer and merchant accounts even more reasons to use our platform,” Chief executive Officer dan Schulman said in a statement Wednesday announcing the results.