(Bloomberg) — PayPal Holdings Inc. climbed after executives said a surge in digital payments on its platform in the second quarter marks an accelerating and permanent shift away from cash in the wake of the coronavirus pandemic.
The technology giant, which has been signing up consumers spooked by the virus, said Wednesday it now expects revenue to climb 25% this quarter while payments volume surges 30%. It sees full-year revenue climbing 22%.
“This is our time,” Chief Executive Officer Dan Schulman told analysts on a conference call. “We intend to seize the moment.”
Lockdowns to prevent viral infections, and the ensuing shift to online commerce, spurred people to learn how to make digital payments. That helped boost the number of net new active accounts to 21.3 million. The company said it now expects to add 70 million active accounts in the latter half of the year.
“The big competition for