Recently, the man who has been touted as the world's richest and the co-founder of Paypal, Elon Musk, observed that "money is fundamentally digital at this point and has been for a while." He is not wrong.
According to McKinsey & Company, one of the world's leading management consultancy firms, around 82% of Americans in 2021 used some form of digital payment. This is a continuation of positive mobile payments for e-commerce trends.
These trends indicate that although traditional digital payment networks such as Visa and Mastercard are still quite popular, financial tech networks such as PayPal are growing steadily in terms of their user base, especially among younger populations in the country.
PayPal was founded in 1998 as an alternative to traditional paper-based transactions. Today, it boasts compatibility with 25 different currencies and is available in more than 200 countries/regions worldwide.
Here are the top 10 companies using PayPal in the US in 2022.
Chegg's Founders: Aayush Phumbhra and Osman Rashid
Year Founded: 2005
Chegg's Location: Santa Clara, California
Chegg's Monthly Unique Visitors: 8,164,247
Chegg's Web Sales: $50M-$100M
Chegg is an American edutech company offering a wide range of services to students.
The company attempts to help students achieve their educational goals with assistance for examinations, physical and digital textbook rentals, writing aid, and expert tutoring sessions. The company went public in 2013.
Apple's Founders: Steve Jobs and Steve Wozniak
Year Founded: 1976
Apple's Location: Cupertino, California
Apple's Monthly Unique Visitors: 270,913,846
Apple's Web Sales: Over $10B
Apple's Order Volume: 50,000+
Apple is a consumer electronics and software multinational company based in the United States.
It boasts a wide range of premium offerings from laptops, mobile phones, media players, and tablets to accessories such as earphones and smartwatches.
Etsy's Founder: Robert Kalin
Year Founded: 2005
Etsy's Location: Brooklyn, New York
Etsy's Monthly Unique Visitors: 21,320,677
Etsy's Web Sales: Over $5B
Etsy's Order Volume: 50,000+
Etsy is a global eCommerce marketplace that is specifically tailored for the buying and selling of handmade and creative merchandise such as vintage artifacts, craft supplies, and handmade jewelry.
One of the unique features of Etsy is that it has no warehouse, and it merely acts as a network through which people can sell their one-of-a-kind products.
Owned by: BBC Worldwide
Year Founded: 2015
BBC Shop's Location: United States of America
BBC Shop's Monthly Unique Visitors: 19,569,002
BBC Shop's Web Sales: Over $5B
BBC Shop is an online marketplace for merchandise related to BBC programs and popular British brands. The store offers a wide range of products such as DVDs, books and audiobooks, jewelry, toys and games, gifts, and home decor.
BBC Shop is fully owned and controlled by BBC Worldwide, an American subsidiary of the British Broadcasting Company.
Walmart's Founder: Sam Walton
Year Founded: 1962
Walmart's Location: Bentonville, Arkansas
Walmart's Monthly Unique Visitors: 236,507,511
Walmart's Web Sales: Over $5B
Walmart's Order Volume: 50,000+
Walmart stores are present in 24 countries and offer a wide range of products, from fresh produce and dairy products to pharmaceuticals and household supplies.
Target's Founder: George Dayton
Year Founded: 1902
Target's Location: Minneapolis, Minnesota
Target's Monthly Unique Visitors: 13,755,105
Target's Web Sales: Over $5B
Target's Order Volume: 50,000+
Target is known for its diverse product selections and offers clothes, toys, beauty products, books, furniture, grocery, and much more.
Wayfair's Founders: Niraj Shah and Steve Conine
Year Founded: 2011
Wayfair's Location: Boston, Massachusetts
Wayfair's Monthly Unique Visitors: 7,163,301
Wayfair's Web Sales: Over $5B
Wayfair's Order Volume: 50,000+
Wayfair is an eCommerce giant that deals exclusively in furniture and home products.
Its online platform boasts an incredibly diverse product inventory and includes bedding and bath products, kitchen products, home appliances, decor and carpeting, outdoor furniture and lighting, to name a few.
Dell's Founder: Michael S. Dell
Year Founded: 1984
Dell's Location: Round Rock, Texas
Dell's Monthly Unique Visitors: 30,760,775
Dell's Web Sales: $1B-$5B
Dell's Order Volume: 50,000+
Dell is an American technology giant that is world-renowned for its computers and computer-related products.
Dell products include laptops, PCs, monitors and displays, gaming accessories, storage solutions, and so on. The company also handles the servicing and repairing of a wide range of computer-related products.
Nike's Founders: Phil Knight and Bill Bowerman
Year Founded: 1964
Nike's Location: Beaverton, Oregon
Nike's Monthly Unique Visitors: 10,523,912
Nike's Web Sales: Over $5B
Nike's Order Volume: 50,000+
Nike is the world's largest developer and manufacturer of sports apparel, footwear, and equipment.
Named after the Greek goddess of victory, Nike today sponsors some of the world's leading athletes and sportspeople. It offers an exciting range of products that include shoes and clothing for activities such as training, gym, basketball, football, tennis, and golf.
Owned by: Microsoft
Year Founded: 2001
Xbox's Location: Redmond, Washington
Xbox's Monthly Unique Visitors: 7,179,215
Xbox's Web Sales: $1B-$5B
Xbox's Order Volume: 50,000+
Xbox is Microsoft's very own video-game brand headquartered in the US.
Xbox offers a line of home gaming consoles as well as online gaming support and physical copies of popular video games.
The COVID-19 pandemic forced many to adopt digital payments, and the trend that was set then is expected to continue in the years to come.
PayPal is one of the world's most popular digital wallet technologies that enables cashless transactions. Its annual revenue in the year 2021 was $25.3B, which was the result of a whopping 19.3B transactions completed on the platform that year. This was an increase of over 25% as compared to the 15.4B transactions in 2020.
Since digital payments are here to stay, more and more companies are expected to look towards incorporating PayPal support into their websites and eCommerce platforms.
This will ensure that they do not lose out on valuable revenue due to the non-availability of PayPal as a payment option.
For more insights into eCommerce data analytics and how it can transform your business, check out PipeCandy's reliable market tools.
Every week we send out one deeply researched essay that captures the eCommerce industry and its evolution, right to your inbox. 50%+ open rates for a year now.
Trusted by 22,804 DTC & eCommerce industry insiders.