In Britain, PayPal saw month on month mobile transactions grow by 20% in July and August this year. PayPal UK customers already make an average of almost five mobile transactions a month. Worldwide PayPal has seen a dramatic acceleration in the amount of money sent via mobile phones. The company expects to close 2010 with 30 times the mobile payments volume globally of 2008, reaching over US$700m.
Petra Jung, head of mobile for PayPal in the UK, said: “We’re seeing the start of a revolution in the way we pay. People have talked about ‘mobile money’ for some time, but our figures show real traction in the amount of money PayPal’s UK customers are sending from their mobile phones. It’s easy to see why: it’s so easy to make payments on the latest handsets with their fast connections and the convenience of PayPal’s app. At the same time, eBay and other top shopping sites are introducing shopping apps and adapting their websites for mobile use. By the end of the decade, millions of us won’t carry a wallet or purse – our phones will be enough.”
PayPal has been in mobile payments since 2005 and was one of the first companies to launch an iPhone app in 2008 when Apple opened the iPhone platform to developers. The company offers a mobile app on all three major mobile platforms – Apple’s iOS (for iPhone and iPad) Android and BlackBerry devices.
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