PayPal has posted a net income of $823m for the second quarter of 2019, a 56% surge compared to $526m in the previous year.

In the first quarter of 2019, the firm’s net income was $667m.

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For the three-month period to 30 June 2019, PayPal’s net revenues were $4.3bn as against $3.85bn a year ago.

The firm processed $172bn in total payment volume (TPV) during the quarter. This marks an increase of 24%, or 26% on an FX-neutral basis.

PayPal Q2 2019 results: the highlights

Person-to-Person (P2P) volume surged 40% to $46bn, accounting for 27% of TPV.

Venmo, the mobile payments service owned by PayPal, processed $24bn of TPV in the second quarter.

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PayPal added nine million net new active accounts during the quarter, bringing total active accounts to 286 million accounts. This is an increase of up 17%.

Moreover, the company carried out three billion payment transactions, a surge of 28%.

PayPal president and CEO Dan Schulman said: “PayPal delivered another solid quarter, and consequently we are raising EPS guidance for the year. Net new active accounts increased by a record 41 million over the last 12 months, and engagement per active account once again increased by 9% to 39 times a year.

“Venmo’s momentum continues, with 70% growth in total payment volume to $24bn. Earlier this month, Xoom expanded to 32 new send markets throughout Europe.”