PayPal profit is on the up as the company reported a net income of $526m for the second quarter of 2018, a jump of 28% compared to $411m in the same period a year earlier.

The company’s net revenue for the quarter ended 30 June 2018 was $3.86bn, a 23% growth from $3.13bn in the corresponding quarter of 2017.

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PayPal’s operating margin increased to 14.8% from 13.7% in the previous year.

The payments company processed $139bn in total payment volume (TPV) during the quarter, registering a growth of 29%, or 27% on FX-neutral basis.

In the same period, it processed nearly $54bn in mobile payment volume, representing a rise of 49% year-on-year and 39% of overall TPV.

The company’s social payments platform Venmo processed more than $14bn of TPV, an increase of 78% compared to the previous year.

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PayPal also added 7.7 million active accounts and carried out 2.3 billion payment transactions in the second quarter of 2018.

PayPal president and CEO Dan Schulman said: “Our customer choice initiatives, partnership strategy and continued focus on being a customer champion are contributing to our sustained strong performance.

“We are pleased to have announced four acquisitions in the second quarter that advance our merchant value proposition and geographic reach. Our strategic decision to become an open platform committed to partnerships has increased the value that PayPal can offer our customers, both consumers and merchants.”