Leveraging PayPal as a Small Business Owner: 10 Vital Usage Statistics for 2024

As a consultant who assists entrepreneurs in starting and growing their businesses, I often recommend PayPal. It offers easy digital payments that can benefit companies of all sizes. But I‘m also asked questions like "How widely used is PayPal?" and "What are the key PayPal usage statistics I should know?"

To help small business owners evaluate if PayPal fits their needs, I‘ve researched the latest PayPal data. Here are 10 vital PayPal usage statistics that demonstrate its extensive reach and capabilities for 2024.

1. PayPal‘s Revenue Climbed to $27.5 Billion in 2024, Up 10%

  • PayPal generated record annual revenue of $27.5 billion in 2024.
  • This was a 10% increase from PayPal‘s $25 billion revenue in 2021.
  • Revenue has more than doubled since 2017, when PayPal made $15.4 billion.

This rapid growth shows PayPal’s value continues rising for consumers and businesses worldwide. As your company grows, PayPal can scale to meet your payment processing needs.

2. 435 Million Active User Accounts as of 2023, Adding 58 Million in 3 Years

  • PayPal reached 435 million active user accounts globally by 2023.
  • The user base expanded by 58 million from 377 million active accounts at the end of 2020.
  • This represents impressive average annual growth of 15% in active accounts over 3 years.

With access in over 200 markets, PayPal can help you easily receive payments from customers worldwide. Attracting more users also means more potential customers for your business.

3. PayPal Holds a 59% Market Share of US Payment Services

  • Within the United States, PayPal has a dominant 59% market share.
  • Competitors lag far behind with single-digit shares: Stripe at 14.5%, Amazon Pay at 6.5%, Apple Pay at 4.7%.

As an established leader in the US, PayPal is many customers’ preferred online payment method. Integrating PayPal can help you capitalize on its vast user base and brand recognition.

4. The Average PayPal User Conducts 51 Transactions Per Year

  • The average PayPal account sees 51 transactions annually, including purchases, transfers, etc.
  • Heavy users like freelancers and businesses drive this number upward.
  • But it shows even regular consumers actively use PayPal for payments and purchases.

This level of customer engagement means PayPal can regularly facilitate payments for your business’s goods and services.

5. PayPal Is Available in Over 200 Countries and Regions Worldwide

  • PayPal offers its services in more than 200 geographic markets globally.
  • This expansive reach enables seamless cross-border transactions and payments.
  • PayPal supports payments in USD or local currency in most countries.

Wherever your customers reside, there’s a good chance you can use PayPal to receive payments internationally.

6. 71% of Consumers are More Likely to Trust Businesses Using PayPal

  • A majority 71% of consumers say they trust businesses more when PayPal is offered as a payment option.
  • PayPal’s longstanding reputation provides credibility, especially among the 29 million merchants using it.

Offering PayPal is an easy way to boost consumer confidence and trust in your business.

7. 56% of US Adults Currently Have a PayPal Account

  • Per 2021 research, 56% of US adults already have a PayPal account.
  • Adoption is highest among Americans aged 40-59, at 68%.
  • But all age groups show significant PayPal usage.

With over 100 million US accounts, accepting PayPal helps you connect with customers where they already are.

8. PayPal Supports Over 29 Million Merchant Accounts

  • PayPal enables payments for over 29 million global business users.
  • The merchant account base has nearly doubled since 2015.
  • Small sellers on eBay initially drove merchant adoption.

This vast merchant community signals that businesses of all sizes can benefit from incorporating PayPal.

9. Venmo Processes $230+ Billion in Payment Volume Annually

  • PayPal’s peer-to-peer app Venmo sees immense volume, handling $230+ billion in payments last year.
  • Venmo’s popularity with younger users complements PayPal’s broader adoption.
  • Together they give PayPal commanding market share in digital wallets and P2P payments.

Offering additional PayPal services like Venmo provides more flexible payment options your customers can use.

10. PayPal Employs Nearly 31,000 Employees Worldwide

  • PayPal’s workforce has scaled substantially, reaching about 31,000 employees globally as of 2022.
  • Employee numbers have more than doubled since 2015.
  • This mirrors PayPal’s exponential user and revenue growth over the past decade.

PayPal has invested heavily in the staffing and support needed to sustain its rapid expansion. This is reassuring for customers relying on PayPal for their business.

PayPal Offers Powerful Payment Solutions for Small Business Owners

For entrepreneurs ready to add digital payments, PayPal provides an established platform trusted by consumers and businesses worldwide. With capabilities tailored for merchants, extensive account adoption, and renowned security, PayPal enables you to easily collect payments online and globally. Consider integrating PayPal alongside other payment options to open up more revenue opportunities as you build your business.