PayPal Serves $10 Million In Mobile Payments Per Day, Revises Annual Estimates

June 24th, 2011 at 12:32 pm

Payment of certain purchases using the mobile phone is rapidly catching on among consumers. The amount of users preferring mobile payments transactions for certain purchases is growing at a very rapid pace. It may not be unusual then that PayPal, one of the providers of such a service in the market, is feeling upbeat and have very positive expectations about the growth of mobile payment transactions in the coming years.

PayPal, one of bigger and more known mobile payments transaction service providers today, is seeing steady increases in the mobile payment transaction it handles. The company reported that handles around $10 million in mobile transactions per day. That is quite a jump from the $6 million daily mobile payment transactions it reported for March. The company further said that it has over 8 million customers who are regularly buying things using their mobile phones, up from the previous 6 million customers.

Because of the incredible numbers, PayPal has also updated its mobile payments forecast for the whole year. The company estimates that it will be handling a total of $6 billion worth of mobile payment transactions for 2011. That is more than double the previous estimate of of $2 billion several months back.

This goes to show that there are more and more people who are feeling comfortable and secure enough buying products through their mobile phones. As more and more people find the idea of mobile payments even more convenient ans safe, it would only mean a rapidly increasing market and better business for companies like PayPal. But competitors like Google Wallet and the fast rising Square is lining up to take a share of the pie. But PayPal has the advantage of experience in the market and may continue to lead all other service providers of mobile payments to the cellphone-owning public.


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