PayPal has posted a net income of $584m for the fourth quarter of 2018. The figure marks a fall of 6% compared to $620m in the comparable quarter in 2017.

PayPal’s net revenues for the quarter ended 31 December 2018 stood at $4.22bn. This is up 13% from $3.74bn in the same quarter last year.

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The firm processed $164bn in total payment volume (TPV) during the quarter. This is a growth of 23%, or 25% on FX-neutral basis.

It processed about $67bn in mobile payment volume during the period. This represented an increase of around 40% on a year-on-year basis and 41% of overall TPV.

The firm’s social payments platform Venmo processed around $19bn of TPV, an 80% surge from the previous year.

PayPal added 13.8 million net new active accounts during the period, including 2.9 million net new active accounts from the takeovers of Hyperwallet and iZettle.

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The firm carried out 2.9 billion payment transactions during the quarter.

PayPal president and CEO Dan Schulman said: “In 2018 we set new benchmarks for the company for revenue, net new active accounts and engagement across our platform. We launched new products, strengthened existing relationships, and entered into new strategic partnerships with some of the biggest and most influential global brands in technology, retail, and finance.

“We greatly expanded our global reach, serving 267 million customer accounts, including 21 million merchant accounts.

“We believe 2019 will be another strong year for us, and we intend to build on our strengths to extend our leadership as the leading open digital payments platform.”