PayPal, the online payments arm of eBay Inc., is reporting a strong third quarter ending Sept. 30.
In Q3 PayPal recorded net revenue of $350 million, an increase of 41% from net revenue of $247 million in Q3 2005. At the same time PayPal also posted total payment volume of $9.1 billion in the third quarter, up 37% from $6.7 billion from a year earlier. The unit’s merchant services business had total global payment volume of $3.3 billion vs. $2.1 billion in Q3 2005.
Also during the third quarter, the number of merchant accounts grew to 123 million from 87 million in Q3 2005, an increase of 41%, PayPal says.
PayPal attributes overall healthy growth at parent company eBay and the growing use of its merchant account services for the up tick in revenue.
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