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. [caption id=“attachment_909637” align=“alignleft” width=“380”] PayPal logo. AP[/caption] 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.