PayPal has posted a net income of $667m for the first quarter of 2019, a 31% surge compared to $511m in the previous year.

In the fourth quarter of 2018, the firm’s net income was $584m.

PayPal’s net revenues for the three-month period to 31 March 2019 were $4.12bn.

This is an increase of 12% from last year’s revenues of $3.68bn.

The firm processed $161bn in total payment volume (TPV) during the quarter.

This marks an increase of 22%, or 25% on FX-neutral basis.

PayPal Q1 2019 results: the highlights

Person-to-Person (P2P) volume surged 41% to $42bn, accounting for 26% of TPV.

Venmo, the mobile payments service owned by PayPal, processed $21bn of TPV.

PayPal added 9.3 million net new active accounts during the period, as against 8.1 million a year ago.

Moreover, it carried out 2.8 billion payment transactions.

PayPal president and CEO Dan Schulman said: “We had a great start to the year, with strong growth in revenue, net new active accounts and engagement across our platform.

“We launched new strategic relationships with some of the world’s largest marketplaces and platforms including Instagram and MercadoLibre.

“We now have 277 million customer accounts, including 22 million merchant accounts and over 40 million active Venmo accounts.”

PayPal was recently in the news for investing in digital identity enterprise software firm Cambridge Blockchain.

The deal marks PayPal’s first blockchain investment.