PayPal’s active accounts rose just 3% since 2021, missing its 750 million target, while Visa’s stock surged 50% on steady growth.
PayPal’s year-end active accounts grew from 426 million in 2021 to 439 million in 2025, far below its 750 million goal. Revenue expanded at a 7% CAGR, but declining transaction take rates and eBay’s shift to Adyen weighed on growth.
Visa, by contrast, delivered consistent performance, with its stock rising nearly 50% over the same period. PayPal’s reliance on Venmo and Braintree for growth failed to offset stagnation in its core platform.
Investors have favored Visa’s predictable expansion, while PayPal’s struggles highlight challenges in scaling its ecosystem amid competition.