Payment Processor Market Share 2026: Stripe, PayPal, Adyen and Square
No one publishes official payment processor market shares, so we compared the volumes each company reports. Stripe processed $1.9 trillion in 2025, up 34%, and overtook PayPal at $1.79 trillion, up 7%. Adyen processed €1,394.3 billion, about $1.58 trillion. Square handled $250.5 billion. Among these four, Stripe had 34.4% of combined volume and PayPal 32.5%.
Key statistics
- Businesses on Stripe processed $1.9 trillion in total payment volume worldwide in 2025, up 34% from 2024, according to Stripe.
- PayPal processed $1.79 trillion in total payment volume in 2025, up 7% on 2024, according to PayPal.
- Stripe had 34.4% of the combined 2025 payment volume of Stripe, PayPal, Adyen and Square, ahead of PayPal on 32.5%, calculated by StatisticsGlobal from company data.
- Stripe's payment volume grew 4.9 times as fast as PayPal's in 2025, 34% against 7%, calculated by StatisticsGlobal from Stripe and PayPal data.
- Merchants processed $248.1 billion of sales through Shopify Payments in 2025, up 37% on 2024, according to Shopify.
Payment processor market share
Processors report volume in different ways and nobody publishes a full market total. We put the four that report annual volume side by side and worked out their share of the combined total.
Stripe is now the largest of the processors that publish annual volume. Its $1.9 trillion in 2025 put it about $0.11 trillion ahead of PayPal. In 2024 the order was the other way round, with PayPal $0.28 trillion ahead.
Adyen is closer than its euro figure suggests. At the ECB's 2025 average rate, its €1,394.3 billion is about $1.58 trillion. Its reported growth of 8% was held back by one large customer. Excluding that customer, Adyen says volume grew 21%.
These shares are of the four companies only, not of all card or online payments. Many other processors, including bank-owned merchant acquirers, are not in this comparison. The totals can also overlap. For example, Shopify Payments runs on Stripe and PayPal technology.
Source: company results. Calculated by StatisticsGlobal.
-
Adyen's processed volume of €1,394.3 billion in 2025 equals about $1.58 trillion at the ECB average rate, calculated by StatisticsGlobal from Adyen data.
How we calculated it: €1,394.3 billion multiplied by the ECB euro reference rate, 2025 annual average of 1.1300 US dollars per euro (ECB Data Portal series EXR.A.USD.EUR.SP00.A, fetched 17 October 2026) = $1,575.5 billion. A different exchange rate would change the dollar figure.
-
Stripe overtook PayPal on payment volume in 2025, $1.9 trillion against $1.79 trillion, after trailing by $0.28 trillion in 2024, calculated by StatisticsGlobal from Stripe and PayPal data.
How we calculated it: 2025 gap: Stripe $1.9 trillion minus PayPal $1,793,979 million = about $0.11 trillion. 2024 gap: PayPal $1,681,150 million minus Stripe $1.4 trillion = about $0.28 trillion. Stripe values are rounded, so the gaps are approximate.
| Processor | 2025 volume | In US dollars | Change vs 2024 | Share of the four |
|---|---|---|---|---|
| Stripe | $1.9 trillion | $1,900 billion | +34% | 34.4% |
| PayPal | $1.79 trillion | $1,794.0 billion | +7% | 32.5% |
| Adyen | €1,394.3 billion | $1,575.5 billion | +8% (+21% excluding one large customer) | 28.5% |
| Square (Block) | $250.5 billion | $250.5 billion | +10.0% | 4.5% |
| Total of the four | - | $5,520.0 billion | - | 100% |
Stripe payment volume
Stripe is private, so its numbers come from its own annual update rather than audited filings. It reports total payment volume once a year.
Stripe grew 34% in 2025, after 38% in 2024. PayPal grew 7%, after 10%. That makes Stripe's growth rate 4.9 times PayPal's in 2025.
Stripe's reach is broad. It says more than 5 million businesses use it, directly or through platforms. 57% of the new companies that joined in 2025 were based outside the US.
Stripe reports its volume once a year, rounded to one decimal place. Small gaps between Stripe and listed rivals should be read with that in mind.
Sources: Stripe and PayPal.
-
Businesses on Stripe processed $1.9 trillion in total payment volume worldwide in 2025, up 34% from 2024, according to Stripe.
-
Stripe processed $1.4 trillion in total payment volume in 2024, up 38% year on year and about 1.3% of global GDP, according to Stripe.
-
More than 5 million businesses used Stripe directly or through platforms in 2025, according to Stripe.
-
57% of the new companies that joined Stripe in 2025 were based outside the US, according to Stripe.
-
Stripe's payment volume grew 4.9 times as fast as PayPal's in 2025, 34% against 7%, calculated by StatisticsGlobal from Stripe and PayPal data.
How we calculated it: Stripe's reported 2025 growth of 34% divided by PayPal's reported 2025 TPV growth of 7% (PayPal Form 10-K FY2025). 34 / 7 = 4.86, rounded to 4.9.
| Measure | 2024 | 2025 |
|---|---|---|
| Stripe total payment volume | $1.4 trillion | $1.9 trillion |
| Stripe growth | +38% | +34% |
| Stripe volume as share of global GDP | about 1.3% | about 1.6% |
| PayPal total payment volume | $1,681.2 billion | $1,794.0 billion |
| PayPal growth | +10% | +7% |
Payment processor growth rates
Listed processors report every quarter or half year, so their latest growth rates run into 2026.
Growth picked up at the listed processors in 2026. PayPal volume grew 10% in the second quarter of 2026, after 7% for 2025. Adyen grew 24% in the first half of 2026, after 8% for 2025. Square grew 13% in both the first and second quarters of 2026.
PayPal's volume grew in 2025 while its transaction count fell 4%, to 25.4 billion. So the average payment got bigger, at about $70.60. PayPal also had 439 million active accounts at the end of 2025.
Square is growing fastest abroad. International volume rose 35% in the first quarter of 2026, against 8.2% in the US. Its base is still small next to the others, at $250.5 billion for 2025.
-
PayPal processed $486.4 billion in total payment volume in the second quarter of 2026, up 10% year on year, according to PayPal.
-
PayPal handled 25.4 billion payment transactions in 2025, down 4% on 2024, according to PayPal.
-
PayPal had 439 million active accounts across about 200 markets at the end of 2025, according to PayPal.
-
The average PayPal payment was worth about $70.60 in 2025, calculated by StatisticsGlobal from PayPal data.
How we calculated it: TPV of $1,793,979 million divided by 25.4 billion payment transactions = $70.63. Transactions are rounded in the filing, so the average is approximate.
-
Square sellers processed $250.5 billion in gross payment volume in 2025, according to Block.
-
Square gross payment volume grew 10.0% in 2025, from $227.6 billion to $250.5 billion, calculated by StatisticsGlobal from Block data.
How we calculated it: $250,461 million in 2025 divided by $227,607 million in 2024, minus 1 = 10.0%.
-
Square gross payment volume reached $61.2 billion in the first quarter of 2026, up 13% year on year, according to Block.
-
Square's international gross payment volume grew 35% year on year in the first quarter of 2026, against 8.2% in the US, according to Block.
| Processor | Full year 2025 | Latest period | Latest growth |
|---|---|---|---|
| Stripe | +34% | 2025 (annual only) | +34% |
| PayPal | +7% | Q2 2026: $486.4 billion | +10% |
| Adyen | +8% | H1 2026: €803.8 billion | +24% |
| Square (Block) | +10.0% | Q2 2026: $72.8 billion | +13% |
| Shopify Payments | +37% | 2025 (annual only) | +37% |
Shopify Payments volume
Shopify Payments is Shopify's built-in checkout. Shopify's annual report says Stripe and PayPal provide the technology behind it.
Shopify Payments handled $248.1 billion in 2025, up 37%. That is faster than Shopify's total GMV, which grew 29%. The share of Shopify sales paid through Shopify Payments rose from 61.9% to 65.6%.
About $130.3 billion of Shopify sales still went through other gateways and wallets in 2025. For seasonal Shopify sales, see our Black Friday statistics.
We left Shopify Payments out of the market share table. Because Stripe and PayPal power it, much of this volume is likely already in their totals. Shopify does not say how it splits between the two.
-
Merchants processed $248.1 billion of sales through Shopify Payments in 2025, up 37% on 2024, according to Shopify.
-
Shopify Payments handled 65.6% of gross merchandise volume on Shopify in 2025, up from 61.9% in 2024, according to Shopify.
-
Gross merchandise volume on Shopify reached $378.4 billion in 2025, up 29% on 2024, according to Shopify.
-
About $130.3 billion of Shopify merchant sales did not go through Shopify Payments in 2025, calculated by StatisticsGlobal from Shopify data.
How we calculated it: Total GMV of $378.4 billion minus $248.1 billion facilitated using Shopify Payments = $130.3 billion. This volume used other gateways, wallets or payment methods.
| Measure | 2024 | 2025 |
|---|---|---|
| Shopify gross merchandise volume | $292.3 billion | $378.4 billion |
| GMV through Shopify Payments | $181.0 billion | $248.1 billion |
| Shopify Payments penetration | 61.9% | 65.6% |
| GMV not through Shopify Payments | $111.3 billion | $130.3 billion |
US card payment statistics
The Federal Reserve Payments Study counts every noncash payment in the US. The 2025 study covers 2024. Card networks report their own worldwide totals.
Consumers and businesses in the US made 187.7 billion card payments worth $11.50 trillion in 2024. Cards were 79% of noncash payments by number, but only 8% by value. ACH bank transfers made up 74% of the value.
Credit is gaining on debit. Debit cards made 64% of card payments by number in 2024, down from 68% in 2021. Credit cards made only 35.7% of payments but 56.6% of value, because the average credit payment is more than twice the debit average.
The card networks sit above the processors. Visa reported $14.2 trillion in payments volume for its fiscal year 2025, about 7.5 times Stripe's volume. Mastercard reported $10.6 trillion. Much processor volume runs on these networks, so the figures overlap rather than add up.
Source: Federal Reserve.
-
Consumers and businesses in the US made 187.7 billion card payments worth $11.50 trillion in 2024, according to the Federal Reserve.
-
The number of US card payments grew 6.0% a year from 2021 to 2024, and their value 6.8% a year, according to the Federal Reserve.
-
US credit card payments were worth $6.51 trillion in 2024, against $4.99 trillion for debit card payments, according to the Federal Reserve.
-
The average US card payment was worth $61.27 in 2024, calculated by StatisticsGlobal from Federal Reserve data.
How we calculated it: $11.50 trillion total card payment value divided by 187.7 billion card payments = $61.27.
-
The average US credit card payment was $97.02 in 2024, against $41.38 for debit and prepaid cards, calculated by StatisticsGlobal from Federal Reserve data.
How we calculated it: Credit: $6.51 trillion / 67.1 billion payments = $97.02. Debit, including prepaid: $4.99 trillion / 120.6 billion payments = $41.38.
-
Visa payments volume reached $14.2 trillion in the 12 months to 30 September 2025, its fiscal year 2025, according to Visa.
-
Mastercard gross dollar volume grew 9% in local currency to $10.6 trillion in 2025, according to Mastercard.
-
Visa's payments volume was about 7.5 times Stripe's total payment volume in 2025, calculated by StatisticsGlobal from Visa and Stripe data.
How we calculated it: Visa payments volume of $14.2 trillion divided by Stripe total payment volume of $1.9 trillion = 7.47. Periods differ by one quarter.
| Card type | Payments | Value | Average payment |
|---|---|---|---|
| Credit | 67.1 billion | $6.51 trillion | $97.02 |
| Debit, including prepaid | 120.6 billion | $4.99 trillion | $41.38 |
| All cards | 187.7 billion | $11.50 trillion | $61.27 |
How the sources measure payment volume
Stripe reports total payment volume once a year in its annual update. It is a private company, so the figure is self-reported and rounded. PayPal reports total payment volume (TPV) in its SEC filings. TPV is the value of payments completed on PayPal's platforms or enabled through partners, excluding gateway-only transactions.
Adyen reports processed volume in euros each half year. We converted it with the European Central Bank's 2025 average rate of 1.1300 US dollars per euro. A different rate would move the dollar figure. Block reports Square gross payment volume each quarter. It excludes Cash App.
Shopify reports gross merchandise volume and the share paid through Shopify Payments. That is merchant sales, not a separate processor, since Stripe and PayPal provide the technology.
The Federal Reserve Payments Study surveys banks, card networks and processors. It covers the US only and runs to 2024. Visa's fiscal year ends on 30 September, so its 2025 figure runs one quarter behind the calendar year.
Because each company measures something slightly different, our market shares compare reported volumes only. They are not shares of all payments. Several Adyen and Square figures are shown in tables only, because their pages were not yet in the Internet Archive when we checked.
Frequently asked questions
What is Stripe's market share?
No official figure exists. Among the four processors that publish annual volume, Stripe had 34.4% of combined 2025 volume, ahead of PayPal on 32.5%, Adyen on 28.5% and Square on 4.5%, calculated by StatisticsGlobal.
Is Stripe bigger than PayPal?
By payment volume, yes, since 2025. Stripe processed $1.9 trillion in 2025 against $1.79 trillion for PayPal. In 2024 PayPal was ahead, at $1.68 trillion against $1.4 trillion.
How much did payment processor volumes grow compared with last year?
In 2025 Stripe grew 34%, PayPal 7%, Adyen 8% (21% excluding one large customer), Square 10.0% and Shopify Payments 37%. In 2026, PayPal grew 10% in the second quarter and Adyen 24% in the first half.
Why is Stripe growing faster than PayPal?
The sources do not give a single reason. Stripe says new businesses joined at a record pace in 2025, with 57% based outside the US. PayPal's transaction count fell 4% in 2025 while its volume still grew 7%.
How many card payments are made in the US?
US consumers and businesses made 187.7 billion card payments worth $11.50 trillion in 2024, according to the Federal Reserve. Cards were 79% of noncash payments by number.
Is there a forecast for payment processor market share?
None of the primary sources here publishes a market share forecast. Adyen expects 2026 net revenue growth of 21% to 23% on a constant currency basis. We will update the shares when 2026 annual figures are out in early 2027.
Sources
- Stripe, Stripe publishes 2025 annual letter and announces tender offer to provide liquidity to current and former employees, 24 February 2026, accessed 17 October 2026. Link · Saved data copy
- PayPal, PayPal Holdings, Inc. Form 10-K for fiscal year 2025, February 2026, accessed 17 October 2026. Link · Saved data copy
- Shopify, Shopify Inc. Form 10-K for fiscal year 2025, February 2026, accessed 17 October 2026. Link · Saved data copy
- Adyen, Adyen publishes H2 2025 financial results, 12 February 2026, accessed 17 October 2026. Link
- Stripe, Stripe's total payment volume reaches $1.4T, fuelled by long-standing investments in AI, 27 February 2025, accessed 17 October 2026. Link · Saved data copy
- PayPal, PayPal second quarter 2026 earnings release (Form 8-K exhibit), 28 July 2026, accessed 17 October 2026. Link · Saved data copy
- Block, Q4 2025 Shareholder Letter, February 2026, accessed 17 October 2026. Link · Saved data copy
- Block, Q1 2026 Shareholder Letter (Form 8-K exhibit 99.1), May 2026, accessed 17 October 2026. Link · Saved data copy
- Shopify, Shopify fourth quarter and full year 2025 results (Form 8-K exhibit 99.1), 11 February 2026, accessed 17 October 2026. Link · Saved data copy
- Federal Reserve, The 2025 Federal Reserve Payments Study: National Payment Volumes, Top-Line Data (CY 2015-24), 1 July 2026, accessed 17 October 2026. Link · Saved data copy · Licence: US government work, public domain
- Visa, Visa Fiscal 2025 Annual Report: Financials, November 2025, accessed 17 October 2026. Link · Saved data copy
- Mastercard, Mastercard fourth quarter and full year 2025 earnings release, 29 January 2026, accessed 17 October 2026. Link · Saved data copy
Changes to this page
- : Page published with 2025 annual volumes from Stripe, PayPal, Adyen, Block and Shopify, 2026 quarterly updates and Federal Reserve 2024 card data.