London Daily

Focus on the big picture.
Friday, Apr 03, 2026

PayPal is focusing on moving into China and launching Venmo's first credit card

PayPal is focusing on moving into China and launching Venmo's first credit card

This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning.

The company's total payments volume (TPV) reached $178.7 billion, growing 27% year-over-year (YoY) on a constant currency basis, per its earnings release.

This marks the seventh consecutive quarter in which TPV grew between 25% and 27% on an annual basis. Meanwhile, its number of active accounts jumped 16% YoY to total 295 million, which is the eighth straight quarter where the metric's annual growth came in between 15% and 17% YoY, highlighting PayPal's consistent strong growth.

The company is now embarking on two key initiatives - its move into China via its acquisition of GoPay and its forthcoming Venmo credit card - that could cause its performance to surge in the future.

Becoming the first foreign online payment platform in China should enable it to boost its TPV and account number, both in China and abroad. Taking a 70% stake in GoPay, which is licensed for online and mobile transactions, gives PayPal the ability to reach China's domestic and international payments industries in a way other foreign companies can't. It may have trouble breaking into the domestic industry because of established players like UnionPay, WeChat Pay, and Alipay, but cross-border payments and e-commerce may be a valuable opportunity.

For example, PayPal could enable Chinese consumers to make purchases from its international merchants and help Chinese merchants sell abroad, CEO Dan Schulman said on the company's earnings call. Such efforts might bring more merchants, consumers, and volume into PayPal's ecosystem, propelling its performance to new heights. The cross-border opportunity for PayPal may be massive considering China's cross-border e-commerce imports were reportedly worth 1.9 trillion yuan ($269 billion) alone in 2018, which would enable PayPal to build on the $31 billion in cross-border trade TPV it posted in Q3 2019.

The introduction of Venmo's credit card in 2020 could help PayPal better monetize its peer-to-peer (P2P) payments platform. Venmo's TPV continues to rise - it surpassed $27 billion in Q3 2019, growing 64% YoY - and 35% of its users have used one of its monetized actions. However, it still needs to improve since it may not be profitable yet.

The launch of Venmo's first consumer credit card, which will be issued by Synchrony, could help this process by giving Venmo new revenue opportunities that would make it more valuable to PayPal's overall performance. It's not guaranteed to succeed, though, since the card will need to attract consumers, who could be using any number of competing cards, so the formulation of its rewards program and recruitment strategy will be key in determining how the initiative fairs for PayPal.


Want to read more stories like this one? Here's how to get access:

1.Sign up for Payments & Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. 

2.Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. 

3.Explore related topics in more depth.

4.Current subscribers can log in to read the briefing here.

Newsletter

Related Articles

0:00
0:00
Close
Trump’s Strategic Pressure on UK Seen as Push for Stronger Alignment and Fairer Terms
UK Focuses on Trade Finance to Secure Critical Materials for Defence and Energy Sectors
Majority of UK Businesses Hit by Middle East Conflict While Confidence Holds Firm
UK Royal Navy Faces Renewed Scrutiny as Debate Intensifies Over Capability and Readiness
Reform UK Faces Mounting Distractions as Policy Agenda Struggles to Gain Traction
Investigation Launched Into Northern Cyprus IVF Clinics After UK Families Receive Incorrect Sperm
International Meeting Issues Unified Call to Safeguard Navigation Through Strait of Hormuz
Potential Strait of Hormuz Closure Raises Concerns Over UK Food and Medicine Supply Chains
UK Leads Coalition of Over Forty Nations Urging Iran to Reopen Strait of Hormuz
UK Secures Tariff-Free Access for Medicines in Landmark US Pharma Trade Agreement
King Charles III Invited to Address Joint Session of U.S. Congress in Rare Diplomatic Honor
Debate Grows Over Whether Expanded North Sea Drilling Can Reduce UK Energy Bills
UK Faces Heightened Risk of Jet Fuel Shortages, Airline Chief Warns
UK Ends Police Investigations into Lawful Social Media Posts After Review Finds Overreach
Abramovich Moves to Establish Charity for Frozen Chelsea Sale Proceeds Amid UK Dispute
Starmer Reaffirms NATO Commitment While Responding to Trump’s Strategic Critique
UK Aid Reductions Raise Fears of Severe Human Impact Across Parts of Africa
UK Signals Renewed Push for EU Cooperation as Iran Conflict Reshapes Security Landscape
Bank of England Signals Caution as Bailey Advises Markets Against Expecting Rate Hikes
UK to Convene Global Coalition to Restore Shipping Through Strait of Hormuz
Trump Signals Possible NATO Reassessment, Emphasizes Stronger U.S. Strategic Autonomy
Australia Joins British-Led Efforts to Reopen Strait of Hormuz Amid Escalating Tensions
King Charles Plans US State Visit as UK Strengthens Ties with Trump Leadership
UK Regulator Launches Investigation Into Microsoft’s Business Software Practices
Kanye West Set for High-Profile Return to UK Stage at Wireless Festival
Trump Presses Europe to Strengthen Commitment as Iran Conflict Escalates
UK to Deploy Additional Troops to Middle East Amid Rising Regional Tensions
UK Authorities Face Claims of Heavy-Handed Measures in Monitoring Released Pro-Palestine Activists
Trump Calls on UK to Secure Its Own Energy as Iran Conflict Intensifies
Nigel Farage Declines Invitation to UK Conservative Conference Led by Liz Truss
Trump Warns Allies to Take Responsibility as Rift Deepens with UK and France Over Iran Conflict
How Britain’s Prime Minister Controls U.S. Bomber Access in Escalating Iran Conflict
Trump Urges Allies to Secure Their Own Oil Supplies as Hormuz Crisis Disrupts Global Energy
Russia Expels British Diplomat as UK Pushes Back Against Pressure
White House App Faces Scrutiny After Claims of Continuous User Location Tracking
BBC Faces Scrutiny Over Allegations of Paid Content Linked to Saudi Arabia
UK-France Coastal Patrol Agreement Nears Breakdown Amid Migration Pressures
UK Police Detain Pro-Palestine Activist Again Weeks After Bail Release
FTSE 100 Advances as Energy and Mining Shares Gain Amid Middle East Tensions
Eli Lilly Seeks UK Pricing Deal to Unlock Renewed Pharmaceutical Investment
Three Arrested in UK After Massive Cocaine Haul Discovered Hidden in Banana Shipment
UK Fuel Prices Poised for Further Surge Amid Global Energy Pressures
Apple Subsidiary Penalized by UK Authorities for Breach of Moscow Sanctions
Western Allies Intensify Coordinated Sanctions Strategy Against Russia
UK Lawmakers Face Criticism Over Renewed Push for Social Media Restrictions
Starmer Signals UK Crackdown on Addictive Social Media Features
Rising Costs Push One in Five UK Hospitality Businesses to the Brink of Closure
Man Arrested on Suspicion of Attempted Murder After Car Strikes Pedestrians in UK, Injuring Seven
Escalating Conflict Involving Iran Tightens Fiscal Pressures and Highlights UK Economic Vulnerabilities
UK Moves to Confront Russian ‘Shadow Fleet’ Operating in Its Waters
×