Signups to PayPal Australia have almost tripled during the COVID-19 pandemic as Australians flock to online shopping, the payments giant says.
PayPal said that in April it processed its highest number of transactions and the largest total value of payments in Australia since it entered the country’s market in 2005, although it declined to give figures.
In just a few months, the lockdowns have driven digital payments to levels PayPal hadn’t expected for at least five years, the company said on Monday.
“This leap in online shopping is set to having lasting impacts,” PayPal said.
Australians used the service to stock up on groceries, alcohol, meal delivery and subscription services, while travel, tourism and events and ticketing sales fell as peopled stayed home.
Notably, the number of signups among Australians aged 50-or-older surged 65 per cent year-on-year, PayPal Australia said.
Over 8 million Aussies – nearly a third of the population – now have a PayPal account, up from over 7 million Australians a year ago.
Other retailers have also reported e-commerce sales surging during the lockdowns, including Kogan.com, Temple & Webster, Athlete’s Foot owner Accent Group, Myer and Peter Alexander owner Premier Investments.
“Although some may go back their old shopping habits post-pandemic, an increased use of e-commerce will be the new normal in Australia,” PayPal Australia shopping expert Danielle Grant said.
Ms Grant warned Australians including those newer to online shopping to be wary of scams and fraudulent activity.