PayPal Charitable Contributions exceeded $7 Billion in 2016
PayPal reported 11% growth in charitable giving in 2016, processing $7.3 billion in contributions.
PayPal Buys Payments Startup iZettle For $2.2 Billion (Image: Reuters)
PayPal reported 11% growth in charitable giving in 2016, processing $7.3 billion in contributions over the year, including more than $971 million raised during the holiday season alone.
Proving that spirits really were brighter this holiday, the company announced today that 8 million PayPal users in 181 countries contributed $971,213,604 to 282,053 charities, making 2016 the biggest year for end-of-year donations with PayPal ever.
"PayPal's mission is all about democratising financial services for citizens across the world. Perhaps nowhere is that more evident than in the power of our global payments platform to create a worldwide network that allows people to support their communities and the causes they're most passionate about," said Dan Schulman, President and CEO of PayPal.
"We are thankful for the generosity that our PayPal users showed this past holiday season. We look forward to another year of innovation around new services and capabilities so that all of us can continue to make a positive impact in every community around the world that PayPal helps to serve."
Throughout the holidays, PayPal monitored giving behaviour on an interactive tracker which uncovered giving trends on a global scale.
Donations large and small made near and far: the largest single gift of the season was more than $230,000 with the average contribution of $93, slightly above the yearlong average of $89.
Though many consumers save larger gifts for end-of-year contributions, hundreds of thousands of $1 and $5 gifts resulted in millions of dollars for charitable organisations over the holiday season, showing that no donation is too small to make an impact. Furthermore, using digital platforms like PayPal for smaller contributions can also be more cost-effective for the benefitting charities to accept.
According to a recent study, digital donations in smaller amounts like $50 are 14% cheaper than paper checks for a charity to process.
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