PayPal Processing +$6 Million Per Day - In Mobile Transactions

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According to PayPal Mobile Director of Product Management, Fabio Sisinni, "We are doing more than $6 million per day in mobile transactions and we’re on track to exceed $2 billion this year.

"We will top $7.5 billion in 2013 based on the growth we’re seeing. A mobile wallet in the cloud is not so distant based on our numbers."

That's serious growth. In fact, PayPal's own figures show it to be an increase of more than 250% from 2010. And, based on the current rate of growth, PayPal estimates that number to reach $7.5 billion in 2013.

So where are all these mobile payments taking place? Merchants using Express Checkout include Starbucks, Footlocker and, and of course eBay is using PayPal mobile. Massive growth potential is also seen in the physical retail world. For example, visit a store after receiving a coupon on a mobile device then redeem said coupon at the store -- technically, a mobile transaction.

Another driving factor in mobile payment growth might be the sudden increase in mobile search, as detailed in this Performics study.

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CurtisH 03-23-2011 8:42 PM

Please correct the title.  It reads "...More than $6 billion Per Day..." while it should actually read "... 6 MILLIION Per Day...".  That's a huge difference.  :)

NicholasM 03-24-2011 5:11 AM

yeah i was shocked to read "billion per day" as well... when "million" is the correct word!

Mike Phillips 03-24-2011 8:00 AM

My apologies, the error in the title has been corrected. Thank you for pointing it out!

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