PayPal has reported a net income of $436m for the third quarter of 2018. This is a 15% increase compared to $380m during the corresponding period a year earlier.
PayPal’s net revenue for the quarter ended 30 September 2018 also increased, with a 14% year-on-year growth from $3.23bn to $3.68bn.
The company noted that completion of divestiture of its US consumer credit receivables portfolio to Synchrony in July had a negative impact on revenue growth by nearly seven percentage points.
PayPal processed $143bn in total payment volume (TPV) during the quarter, a growth of 24%, or 25% on FX-neutral basis.
In the same period, it processed about $57bn in mobile payment volume. This represented a rise of 45% and contributing 40% to overall TPV.
The company’s social payments platform Venmo processed approximately $17bn of TPV, a 78% surge than a year earlier.
Furthermore, PayPal added 9.1 million active accounts and carried out 2.5 billion payment transactions during the quarter.
PayPal also announced a strategic partnership with American Express. The deal will provide PayPal with access to American Express tokens.
As part of the collaboration, PayPal capabilities will also be integrated with the American Express platform.
PayPal president and CEO Dan Schulman said: “PayPal had another excellent quarter. New partnerships with American Express and Walmart will increase the value that we can offer to our customers.
“Our strong balance sheet and cash flow enable us to aggressively invest in innovation and growth, creating sustainable and long-term value for our shareholders.”