PayPal projects US$7 billion for mobile

PayPal projects US$7 billion for mobile

Summary: Mobile payments didn't have a very prominent showing at CES 2012 this week, but that doesn't mean it's not one of the quickly growing trends in tech as PayPal has demonstrated.

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TOPICS: E-Commerce
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Mobile payments didn't have a very prominent showing at CES 2012 this week, but that doesn't mean it's not one of the quickly growing trends in tech as PayPal has demonstrated.

PayPal made a mark on the show with a very strong prediction for mobile payments usage in 2012. During a panel discussion, eBay CEO John Donahoe announced that PayPal is projecting US$7 billion in mobile payments volume for the digital wallet company in 2012.

By comparison, PayPal reached US$4 billion in mobile payments volume last year, far higher than the company’s original prediction of US$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 US$1 million
  • 2007: US$7 million
  • 2008: US$25 million
  • 2009: US$141 million
  • 2010: US$750 million
  • 2011: US$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.

Via ZDNet US

Topic: E-Commerce

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