SAN JOSE, Calif., Dec. 9, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it processed a record-breaking $185 million globally this GivingTuesday, the largest amount raised on the platform for the global day of giving since its inception in 2012. With a 40 percent increase in donations processed over 2019, more than 1.75 million PayPal customers across 198 markets donated to causes they care about, amounting to over two million donations in total.
With the giving season underway, more than half of charitable organizations in the U.S. expect to raise less money than they did in 2019, as a result of the financial strain experienced by people and businesses across the country since the start of the pandemic.1 To help offset this pressure on charities, PayPal has provided its customers with a robust Giving platform, that allows customers to give back throughout the year in a number of ways, from donating with the PayPal Giving Fund to contributing micro-donations or donating with credit card rewards at online retailers that accept PayPal at checkout.
"We are moved and inspired by the generosity of our PayPal community, as millions of our customers turn to our platform to give to the causes they care about," said Franz Paasche, SVP, Corporate Affairs, PayPal. "Despite the considerable challenges of this year, our customers and communities joined together to give back when it matters most, contributing more than they ever have in the history of GivingTuesday. We're proud that PayPal's platform is enabling the generosity of people around the world as they contribute and support this movement."
PayPal is one of the largest digital donation platforms in the world, supporting more than 600,000 nonprofits with fundraising. Every year, PayPal joins with its community of more than 350 million consumers and merchants to contribute to charitable efforts across the globe, and participate in campaigns with partners like GivingTuesday, which PayPal has supported since the movement began in 2012.
This year, PayPal also announced enhancements to its Giving platform to give its customer community even more ways to give back and support the causes they care about, with the introduction of the Generosity Network. The PayPal giving platform places the power of fundraising in customers' hands, enabling them to create campaigns to raise money for the people, causes and communities they care about - be it a small business, a friend or family member, or a nonprofit – and connects each campaign with millions of people who can help to give what they can. Inspired by the rise in popularity of peer-to-peer crowdfunding amidst the pandemic, the Generosity Network provides customers with a way to give and get help throughout the holiday season and beyond.
About PayPal PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 350 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
1 According to a 2020 survey conducted by the Association of Fundraising Professionals.