PayPal: Mobile Payments to Reach $10 Billion
July 23, 2012
PayPal expects the mobile payment volume it transacts to surge 150 percent higher than last year to $10 billion in 2012. The claim squares with a recent survey that named PayPal as the most popular mobile payments service. During parent company eBay’s conference call to report second-quarter earnings, eBay CFO Robert Swan also said PayPal’s quarterly revenue grew 27 percent from 2011 to $1.4 billion and total payment volume for the online payment pioneer rose 23 percent to $34.5 billion.
The company said its POS system and PayPal Here for small businesses are two of the initiatives that are driving the big wave in mobile payments and part of a strategy to leverage the growing convergence of the online and offline payment worlds.
“Online and offline commerce is becoming seamless and global, and retailers of all sizes need a partner who will help them navigate in this new world, compete effectively and deeply engage their consumers,” said eBay CEO John Donohoe during the conference call. “And this is our focus: enabling commerce, helping consumers shop anytime, anywhere and helping retailers of all sizes compete and win in this new commerce environment, and we will not compete with them.”