PayPal's Payment Volume Skyrocketed to $1.5 Trillion in 2023, the highest in the Company's History

February 25, 1:22 pm

The online payments service provider PayPal has had an interesting year in 2023, setting a new record in payment volume and the total number of transactions.

According to data presented by AltIndex.com, PayPal's payment volume skyrocketed to $1.52 trillion last year, the highest figure in the company's history.

Total Payment Volume Jumped by 12% Year-over-Year, Transactions Up by 2.6 billion

As one of the fintech pioneers and the fifth most accepted payment option after all the major credit cards, PayPal has given companies and consumers an alternative way to manage international payments for the past 25 years.

Although it seemed like its popularity started fading last year, with the payments provider seeing four straight quarters of user drop, the company's earnings report revealed better than expected results in both the number of payments and the total payment volume.

According to Statista and the official company data, PayPal's total payment volume (TPV) has increased sixfold in the past decade. Back in 2014, it amounted to $235 billion. This figure jumped to over half a trillion dollars in 2018 and continued rising. In 2020, when COVID-19 caused a major shift to digital payments, PayPal hit a new milestone, with its total payment volume jumping over one trillion dollars for the first time. Statistics show this figure continued rising by an average of $100 billion annually and hit $1.35 trillion in 2022. However, last year saw one of the biggest annual increases, with TPV rising by $171 billion and reaching a whopping $1.52 trillion, the highest figure to date.

The number of PayPal transactions also increased, jumping from 22.3 billion in 2022 to almost 25 billion in 2023. This also represented a sevenfold increase compared to 2013, when the company registered 3.2 billion payments.

PayPal's Stock Value Plunged by 25% YoY Despite Record Payment Volume

The record number of payments and the total payment volume reported last year are even more impressive considering that PayPal's user count dropped for four straight quarters, showing those who kept their accounts continued using the service more than before. In Q4 2023, the payment provider had 426 million users, or 7 million less than in the same period a year ago.

But the company's stock value significantly plunged in 2023, showing investors still have concerns about PayPal's future growth, especially after its former CEO, Dan Schulman, left the board. Last week, PayPal's stock value amounted to $63 billion, down from $84 billion in the same month a year ago.

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