PayPal's parent eBay announced financial results for the second quarter 2010
eBay's Payments segment (including PayPal and BillMeLater) revenue was $817.0 million for the quarter, an increase of 22% year over year. Net total payment volume (TPV) for the quarter was $21.3 billion, an increase of 28% year over year, but flat from the previous quarter. In term of revenue mix, Merchant Services (the off-eBay business) represented 61% of TPV, up from 59% in the prior quarter.
PayPal's revenue ("transaction revenue rate") increased slightly to 3.60%, along with a slightly higher transaction processing expense rate of 1.17% and a record-low transaction loss rate of 0.17%. Active accounts (defined as active in the last 12 months) reached 87.2 MM, up 16% year over year.
Bill Me Later's volume for the quarter was unchanged at 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 8.56%, down from 9.49% in the prior quarter.