The number of PayPal active accounts totalled 70 million, growing by 23 percent year-over-year. The volume of net total payments for the same period has witnessed a 14 percent climb year-over-year to USD 15.99 billion. The increase in this sector as well as in the companys revenue is attributable to eBays completion of the Bill Me Later acquisition as well as to the adoption of PayPal Merchant Service accounts with a series of companies including American Airlines and Amway in US, Hoyts Cinemas (in Australia) and Jet2 (in UK). In November, PayPal expanded its operations by opening new fully localised sites in Mexico, Hong Kong and Singapore.
PayPal currently operates locally in 18 countries providing online payments services to over 120 million people in their domestic currencies. Sellers in these 18 countries can receive payments from PayPal’s network of active accounts around the globe, and withdraw their PayPal balances directly from any local bank.
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