PayPal mobile transactions exceed $6M per day
ORLANDO, FL â€“ A PayPal executive said that mobile payments are growing exponentially and provided his own companyâ€™s figures as proof during the keynote at International CTIA Wireless 2011â€²s Money Over Mobile pre-conference program.
PayPalâ€™s mobile payment transaction volume has grown from $24 million in 2008 to $140 million in 2009 to $750 million last year. It is projected to top $2 billion this year and is expected to reach $7.5 billion in 2013.
â€œMobile payments are experiencing exponential growth,â€ said Fabio Sisinni, director of product management at PayPal Mobile, Palo Alto, CA. â€œWe are doing more than $6 million per day in mobile transactions and weâ€™re on track to exceed $2 billion this year.
â€œWe will top $7.5 billion in 2013 based on the growth weâ€™re seeing,â€ he said. â€œA mobile wallet in the cloud is not so distant based on our numbers.
Mobile payment boom
More and more Internet companies are driving the development of the mobile industry, per PayPal.
As an Internet company, PayPal sees a huge opportunity as the world enters the era of connected consumers, with more than 10 billion connected devices projected by 2020.
â€œWeâ€™re making mobile the main part of the business, because the most common way to access the Internet in the near future will be using connected devices such as smartphones and tablets,â€ Mr. Sisinni said. â€œOur vision is a wallet in the cloud that consumers can access anywhere, anytime.
â€œConnected devices could range from a POS device, a TV, a fridgeâ€”it could be a billboard or a parking meter,â€ he said. â€œWe envision a wallet in the cloud giving consumers the freedom to choose from various methods of payment and also earn loyalty points and rewards.â€
In addition to launching its own applications and powering mobile payments for parent eBayâ€™s mobile site and apps, PayPal also partnered with Research In Motion for BlackBerry App World.
Last year, PayPal launched its Mobile Express Checkout product for merchants, which can integrate with a mobile platform enable mobile payments.
â€œIt integrates easily with online accounts, so if you have already integrated Express Checkout online, then we automatically take care of the optimization for mobile devices,â€ Mr. Sisinni said.
PayPal Mobile is used by merchants such as Starbucks, Footlocker and Overstock.com.