In its best quarter ever, payment provider PayPal reported total payment volume was $222 billion in the second quarter, a 29% jump year-over-year. Quarterly profits grew 86%.

Why should we care?
The surge in payment volume for PayPal, according to CEO Dan Schulman, is the result of a shift away from cash in favor of an “explosion” of digital payments bolstered by the pandemic. Digital payment activity during the quarter rivaled Thanksgiving and Cyber Monday, executives said, signaling a more permanent shift beyond a panic-induced buying spree at the start of the pandemic. The company added three times as many merchants as it onboards during a typical second quarter. Meanwhile, Venmo use grew 52% at $37 billion. PayPal reported that its moves in touch-free omnichannel retail payments continued throughout the quarter, including point-of-sale tools, “buy online, pickup in store” capabilities, delivery, and QR-code based payments, which are now available across 28 countries for small and micro-merchant categories.