PayPal Holdings Inc. on Wednesday reported a 15% increase in revenue to $2.3 billion in the third quarter, its first full three-month period since separating from eBay Inc. in July.

“PayPal had a grand start as an independent company,” president and CEO Dan Schulman told analysts Wednesday.

Schulman highlighted growth of PayPal One Touch, a technology that lets a consumer with the PayPal app make purchases with a single tap on a mobile phone screen in the apps of participating merchants. More than half the merchants in the Internet Retailer Top 500 and more than 1 million retailers worldwide have enabled One Touch payments, and 7 million consumers have signed up to use the service since its launch in August 2014.

He noted PayPal built One Touch based on technology it obtained when it acquired payment processor Braintree two years ago. “Braintree’s early bet on mobile is paying off,” Schulman said. “Most of the best next-generation mobile commerce companies use Braintree for payments.” He noted that the payment cards on file with Braintree have grown from 56 million two years ago to 185 million today.

Schulman also noted successes in winning merchants to accept PayPal in physical retail locations, including recent announcements with Macy’s Inc., No. 7 in the 2015 Internet Retailer Top 500, and Shell UK to accept it at its gas stations.

However, an analyst on the call said he had spoken with major merchants who were skeptical about working with a “middleman” like PayPal, and noted an announcement this week by the Chase banking unit of J.P. Morgan Chase & Co. of a product called Chase Pay that, like PayPal, consumers can use to pay online, in mobile apps and in stores. Chase said the MCX merchant consortium that includes such major merchants as Wal-Mart Stores Inc., Target Corp. and Best Buy Co. Inc. will accept Chase Pay by mid-2016.

“We are working with one larger merchant after another” on how they can use PayPal to enable consumers to pay online, in apps and in stores, Schulman said. “That we’re a neutral third party is a strength,” he added.

Analyst Colin Sebastian of investment firm Robert W. Baird & Co. called it a “solid” quarter for PayPal, and highlighted gains from several recent acquisitions. “Paydiant acquisition could help accelerate merchant adoption by integrating loyalty programs and private-label payments,” Sebastian wrote in a note to investors. “Braintree and Venmo still hitting homeruns.” Paydiant’s technology allows retailer to create their own, branded mobile wallet apps. Venmo is a mobile wallet that enables consumers to split payments.

U.S. revenue for PayPal increased 20% compared to the prior-year quarter to $1.138 billion and international revenue grew 9% to $1.120 billion, but 17% after taking into account the strong dollar that reduces the value of foreign revenue. The volume of payments processed by PayPal grew 27% when excluding currency fluctuations.

80% of the company’s revenue came from processing online transactions for merchants. 466 of the Top 1000 online retailers in North America use PayPal as their payment processor, according to Top500Guide.com. Much of the remaining revenue comes from processing transactions by consumers who use PayPal to buy online. PayPal reported today that it has 160 million consumer and 13 million merchant customers worldwide.

For the third quarter ended Sept. 30, PayPal reported:

• Total revenue of $2.258 billion, up 15% from $1.971 billion in the same period a year ago, and 19% when accounting for currency fluctuations.
• The number of transactions processed increased 25% to 1.216 billion from 972 million.
• Number of active accounts increased 10% to 173 million from 157 million.
• Net income of $301 million, an increase of 29% to $234 million.