PayPal Financial Results

As part of today's announcement of eBay's first quarter financial results (PDF), PayPal reported a 44% increase in total payment volume to $6.2 billion with 71% of that volume associated with auction payments.

PayPal reported total payment accounts (both registered and unregistered users) grew 57% to 71.6 million. Active accounts were 22.1 million in the quarter. In the conference call, eBay CEO Meg Whitman pointed out that PayPal's user base exceeds that of Discover and is over twice the size of Bank of America's.

PayPal's transaction revenue rate grew slightly from 3.60% to 3.64% while the transaction processing expense rate declined from 1.25% to 1.15%. PayPal's transaction loss rate ticked up slightly from 0.27% to 0.30%.

Overall, PayPal's net revenues for the quarter were $233.1 million, up 47% over last year.