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The new banks: How Square, PayPal and other fintechs are taking over finance

Jack Dorsey, CEO of Square
Louis Ascui | Fairfax Media | Getty Images

A remarkable thing happened at PayPal during the pandemic.

Even while physical stores around the world were shuttered, crippling sales at retailers and restaurants, the payments processor saw transactions jump 26% to 3.7 billion in the second quarter. Driven by the need for merchants and consumers to move online, the company consistently saw volumes more typical of peak holiday shopping periods.

In other words, at a surging and suddenly crucial PayPal, every day is now Black Friday.

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