Online payment transaction platform PayPal has achieved a new milestone as the company reports 100 million active users this week.
The president of Palo Alto, California-based e-commerce firm PayPal has revealed that the company hit 100 million user landmark this week as he predicts use of digital currency will continue to gain over traditional currency.
Owned by eBay, PayPal reportedly had 94.4 million users by the end of 2010, with nearly one million users activating their account with PayPal each month. In terms of revenue, PayPal generated $1 billion in the first quarter of financial year 2011, which is 23 percent more than the revenue generated during the same period in 2010.
“Today, I couldn’t be more pleased to announce that PayPal now has more than 100 million active accounts. That’s 100 million people around the world who have already trusted PayPal with their digital wallets,” said Scott Thompson, President at PayPal stated in an official blog post, UberGizmo reports
Thompson has predicted that use of digital currency to make payments and carry transactions, will take over the existing modes of payment by 2015.
PayPal has launched a campaign under which five people in San Francisco will pay for their expenses completely through the digital medium, in an attempt to promote its services further.