PayPal's parent eBay has announced financial results for 1Q2013.
The company's PayPal business delivered strong first quarter performance with revenue increasing 18% to $1.5 billion. PayPal gained 5 million active registered accounts in the period and ended the quarter with 128 million, a 16% increase.
PayPal's net total payment volume (TPV) grew 21% to $41 billion, driven by consumer and merchant use of PayPal both on and off eBay. PayPal continues to invest in growing its addressable market, product development, customer engagement and consumer awareness.
The company's mobile payment solution for small business, PayPal Here, became available for sale at more than 2,700 SoftBank locations across Japan and the iPad version of the product was launched in the U.S. PayPal also announced the chip and PIN version of PayPal Here in the U.K. which it plans to roll out this summer.
PayPal's offline initiatives are now live in almost 20,000 major retail locations in the U.S.
eBay reports that the PayPal 'take rate" was 3.77% in 1Q2013, up from 3.72% in the prior quarter and but down from the 3.87% reported a year earlier. Transaction expenses were 1.05%, up slightly from 1.03% in the prior quarter. The loss rate was 0.29%, up 1 basis point from the prior quarter.