PayPal Holdings, Inc. (NASDAQ: PYPL) announced on Monday its credit transaction volume has reached $50 billion. The company reported that since 2008, PayPal Credit, with eight years prior to that with BillMeLater, has surpassed the milestone in the U.S.
PayPal reported that in 2018 alone, PayPal Credit TPV in the U.S. was at nearly $10 billion, and more than $2 billion in November and December combined. Our PayPal Credit business in Germany and the U.K. also continue to see significant growth year-over-year.
“Consumers are increasingly seeking access to non-traditional financial tools. From everyday purchases to emergency expenses, people are taking advantage of alternative options in financial technology. In fact, a recent report from the Federal Reserve estimates that 40% of all Americans are not financially able to cover a $400 emergency expense, while nearly 80% of full-time workers in the U.S. have said they live paycheck to paycheck, according to a recent report from CareerBuilder.”
PayPal noted that PayPal Credit customers always have the ability to use its promotional no interest offer on purchases of $99 or more if paid in full in six months. Customers also have access to our Easy Payments offer that allows customers of participating merchants to make payments over time, in substantially equal monthly payments. PayPal added:
“PayPal’s portfolio of products, including PayPal Credit, are driven by our values and our mission to democratize financial services. We’re proud to be celebrating this milestone with our customers, the merchants we partner with, and our valued PayPal employees.”