PayPal reports record quarterly profit amid Pandemic

Online payments system PayPal Holdings Inc. has reported its strongest first quarter on record and beat profit estimates this week.

As per the media reports, PayPal processed a total income of 28,285 billion payments in the first quarter, which is 50 percent higher than the previous year, and added 14.5 million new customers.

Chief Executive Officer of PayPal Dan Schulman said in a statement, our strong first-quarter results show that our business continues to grow steadily as the world transforms into a digital economy.

The company has become one of the main winners of the epidemic, as more people use its payment services to shop online and pay bills at home to stay safe from this coronavirus.