Changing consumer spending habits have spurred a revolution in how much activity PayPal is seeing, with a rise in eCommerce unlike anything it has gone through before.
Wes Hummel, PayPal’s vice president of site reliability and cloud engineering, said the company would now be able to capitalize on the fact that PayPal can just pay for what they use in the cloud, not pay for unused data.
According to WSJ, around 20 percent of PayPal’s activity last year was handled through the cloud. And the company has seen an increase of 24 percent in the amount of active user accounts. There were 392 million PayPal account holders in the first quarter of the year, and last year PayPal handled 15 billion payment transactions.
WSJ writes that the company’s total payment volume encompassed almost $1 trillion last year.
And there’s a more robust demand for public cloud services, with technology research and advisory firm Gartner saying it expects the spending on global cloud services to hit $106 billion in 2022.
Google, while not as prominent in the space as rivals Amazon and Microsoft, has nonetheless had some wins, including last month when it got one of its biggest cloud contracts with Univision Communications.
PayPal has rolled out plans for a “super app” to be released later this year, as President and CEO Dan Schulman has said his rationale is that no one really wants to keep “40 or 50” apps on their phone. Instead, he said the better idea would be a super app that would bring everything under one umbrella to streamline the operations of various daily lifestyle applications.
He said by the third quarter this year, the company intended to debut a digital wallet. It will be an “all-in-one” app that will provide more customized and unique shopping.