PayPal's profit jumps 59 pct on merchant services strength

Jan 31 (Reuters) - Payments processor PayPal Holdings Inc's fourth-quarter profit jumped 59 percent, fueled by strength in its merchant services business.

PayPal said on Wednesday its net income rose to $620 million or 50 cents per share in the quarter ended Dec. 31, from $390 million or 32 cents per share, a year earlier.

Net revenue climbed to $3.74 billion from $2.98 billion, while payments volume rose 32 percent to $131.45 billion. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)