The company has seen an older audience flock to digital payments as cash is seen as a germ risk and people across the US stay at home to avoid spreading Covid-19. People over 50 were the company’s fastest growing segment from March to April 2020, according to PayPal. The demographic shift happened as many were forced to experiment with online shopping, or looked to pay friends or family members. The boost in payment volume was also thanks to the larger purchase sizes by that demographic, according to PayPal officials.
The demographic shift was across PayPal broadly — which includes PayPal Checkout and the company’s peer-to-peer payment app, Venmo. PayPal did not break out the growth in PayPal vs. Venmo with the older generation. But PayPal Checkout is much larger than Venmo, and exists on 80% of the top 500 online retail sites, according to MoffettNathanson.
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