PayPal Holdings shares jumped as much as 11% in their highly anticipated return to the Nasdaq on 20 July, valuing the company at about $52bn (£33.4bn).

PayPal, spun off from eBay, is widely expected to build partnerships with e-commerce rivals and try to seize market share from start-ups such as Stripe and Square and technology behemoth Apple, which unveiled its own mobile payments service last year.

PayPal shares soared to $42.55 in early trading, up from Friday's close of $38.35 when the shares were trading on a "when issued" basis. eBay's stock fell as much as 4.7%, valuing the company at about $32bn.

"We're the most trusted and popular digital wallet with 169 million people across the globe who depend on us," said Schulman before ringing Nasdaq's opening bell.

"Last year we processed $235bn in payments and over 4 billion transactions. This is a historic and exciting moment for PayPal and our investors."

PayPal was founded in the late 1990s by venture capitalist Peter Thiel, Tesla Motors' CEO Elon Musk and others. It went public in 2002 and was acquired by eBay soon after for $1.5bn

Bowing to pressure from activist investor Carl Icahn, eBay said last year it would split PayPal as this would give both companies more focus and flexibility.