One of the quickly growing trends in tech that didn’t have a very prominent showing at CES 2012 this week is mobile payments.
Nevertheless, there were plenty of major players in this field on hand throughout the show floor, including Visa and Intuit.
PayPal also made a mark on the show with a very strong prediction for mobile payments usage in 2012. During a panel discussion on Tuesday, eBay CEO John Donahoe announced that PayPal is projecting $7 billion in mobile payments volume for the digital wallet company in 2012.
By comparison, PayPal reached $4 billion in mobile payments volume last year, far higher than the company’s original prediction of $1.5 billion.
In fact, PayPal’s mobile payments results have increased rapidly over the last few years. Here’s a glance at volume results on an annual basis:
- 2006: under $1 million
- 2007: $7 million
- 2008: $25 million
- 2009: $141 million
- 2010: $750 million
- 2011: $4 billion
Part of the strategy that will likely contribute to an increase in PayPal’s mobile payments results include some of its new mobile apps, some of which are in beta testing, that are set to launch this year.
One of the keys to enticing shoppers to adopt mobile payments is making it easy to use as well as available with as many retailers as possible. So far, PayPal seems to starting off well enough with major partners such as Starbucks and Fandango.
Related:
- Visa approves smartphones for NFC payments: Good start, but still hurdles ahead
- It’s official: Yahoo appoints PayPal chief Scott Thompson as chief executive
- MasterCard further invests into mobile payments via mFoundry
- PayPal launches Facebook app called Send Money
- Visa rolls out new resources to boost payment app development
