Posted by Sheila Shayon on July 5, 2010 04:00 PM
As this video on PayPal's iPhone app shows, the e-payments business is taking a quantum leap forward via mobile.
PayPal is expected to reach $1.5 billion worth of goods sold via mobile phones in 2010. Their mobile transactions have gone from $25 million in 2008 to $141 million in 2009.
According to Juniper Research, mobile payments will reach $200 billion by 2012. Enter Mobile Express Checkout, the mobile version of PayPal’s Express Checkout service.
It’s optimized for smartphone screens, includes fraud detection, and it’s a one-stop payment option; enter your PayPal account login information once and checkout is expedited.
PayPal’s new mobile technology will enable their 85 million registered users to buy directly on their smartphones - bypassing a credit card.
Mobile Express Checkout is initially launching on the iPhone and Android 2.0 at retailers including Nike and Buy.com in the coming weeks, and will expand to all retailers in a few months.
Jeff Wisot, VP, Marketing at Buy.com is enthusiastic: “We’re seeing a huge opportunity in mobile commerce right now. PayPal’s Mobile Express Checkout will allow us to enhance the convenient shopping experience for on-the-go customers.”
It won’t be long before credit card companies follow suit.