Tag: Dan Schulman

PayPal sees significant growth in mobile payments over the last 10 years

| April 8, 2016

The mobile space is driving the evolution of commerce as a whole

It has been 10 years since PayPal launched its first mobile payments service. To celebrate the anniversary of the service, the company has released information to show its exponential growth over its long history. This information is visualized in a chart that was released by PayPal earlier this week. According to PayPal CEO Dan Schulman, the mass adoption of mobile commerce has created a significant shift in the way people spend money. This has begun to change the nature of commerce with consumers relying more heavily on the digital space.

$66 billion in mobile transactions were processed by PayPal in 2015

According to PayPal, one-third of the 4.9 billion payments processed by the company last year were made through mobile devices. This accounts for some $66 billion in mobile transactions. The company believes that the growing prominence of mobile payments services will lead to a change in the commerce space over the next decade. This change may accelerate as more businesses begin supporting mobile transactions and shoppers relying on their smartphones and tablets.

Global mobile payments could reach $4 trillion by 2020

PayPal Mobile PaymentsIn the United States, mobile commerce exceeded $100 billion in transactions in 2014. These transactions have continued to grow since, with more consumers becoming comfortable with the prospect of using mobile devices to make purchases. By 2020, mobile transactions could reach more than $4 trillion globally, according to IDC, a market research and analysis firm. With new payment services becoming more secure, more consumers are likely to participate in the mobile commerce space, giving PayPal and other companies new opportunities to expand their mobile initiatives.

Improved security makes consumers more comfortable with mobile commerce

Consumer adoption of mobile commerce has been heavily influenced by the security and convenience of payment services. Many had consider mobile transactions to be risky as they believed their financial information would be exposed to theft and exploitation. Indeed, some services have been impacted by major data breaches in the past, but these events have served to strengthen security in recent years, making mobile payments more attractive to consumers.

PayPal is setting a greater focus on mobile commerce

| July 24, 2015

As a standalone company, PayPal is adopting a mobile-first strategy

PayPal is now a standalone company being traded on the Nasdaq and it has adopted a mobile-first strategy. The company has come to establish a very prominent position in the mobile commerce space, where it has become one of the more influential entities therein. As the company has now become separate from its former owner eBay, PayPal will adopt a greater focus on the mobile sector. This focus may further increase the company’s standing in the mobile commerce market.

PayPal looks to expand its existing mobile solutions

According to PayPal CEO Dan Schulman, PayPal is set to become a mobile-first platform through the development of new mobile products. The company will also work to enhance its existing mobile solutions, which include those developed by Venmo, Braintree, and Xoom. Braintree, in particular, is expected to become a more prominent tool for PayPal, due to its expertise in the mobile commerce space.

Improving mobile platforms will allow PayPal to engage more consumers

PayPal - Mobile Commerce FocusPayPal also intends to drive higher levels of engagement through the mobile space. Part of the company’s strategy involves the introduction of new services that will be used on a variety of mobile platforms. PayPal will be expanding its one-click purchasing feature, called One Touch. The company is also working on making its payment processing faster. PayPal has already succeeding in increasing this processing speed by 50%.

In-store mobile commerce is a new opportunity for PayPal

The company is also looking to capitalize on in-store mobile payments. These payments are becoming more popular among retailers that are looking for new ways of effectively engaging mobile consumers. In-store mobile payments may be a good opportunity for PayPal to expand beyond the digital space, as it can offer retailers with an effective way to participate in the mobile commerce sector. Several retailers have already embraced PayPal as a way to allow consumers to make purchases directly from their mobile devices, rather than having to use traditional forms of commerce, such as physical currency and credit cards.