PayPal's profit jumps by 59 percent owing to strength in its merchant services business

Payments processor PayPal Holdings Inc’s fourth-quarter profit jumped 59 percent, fuelled by strength in its merchant services business.

PayPal logo. AP

PayPal logo. AP

PayPal said on Wednesday its net income rose to $620 million or 50 cents per share in the quarter ended 31 December, from $390 million or 32 cents per share, a year earlier.

Net revenue climbed to $3.74 billion from $2.98 billion, while payments volume rose 32 percent to $131.45 billion.

Earlier in November 2017 PayPal launched its domestic payments platform in India in a bid to expand its trade in the Indian market.

The digital payments giant which has been long known for its cross-border transactions will now show up with merchants and services within India as well.

Updated Date: Feb 01, 2018 08:55 AM