October 2, 2002, 12:00 AM

PayPal doubles membership in a year to 20 million

PayPal has amassed more than 20 million member accounts and expects that by the middle of this month total value of payments since its network debuted 3 years ago will surpass $10 billion.

Kurt Peters

Executive Editor

 

Online payments provider PayPal Inc. has amassed more than 20 million member accounts, double the number of a year ago, the company said today.

PayPal also said it expects that by the middle of this month total value of payments transacted through its network since its debut 3 years ago will surpass $10 billion.

The company, which is being acquired by eBay Inc. in a deal worth about $1.5 billion, continues to grow by "focusing on what we do best: providing secure, convenient online payments," said COO David Sacks.

PayPal, Mountain View, CA, reported first- and second-quarter profits this year of $1.2 million and $529,000, reversing year-ago losses of $27.7 million and $29.3 million.

 

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