30 November 2010 | Author: L. Sutherland Head of Media Content
While PayPal began as an off-shoot of popular auction site eBay, the online payment service quickly became a leader in the field of online payment processing. Well trusted and liked, PayPal has expanded far beyond its original remit to provide payment options to businesses and individual retailers all over the net. Now, the proactive company has plans to increase services and include new mobile offerings.
According to a report in the New York Times, PayPal believes future growth will come from payments made using mobile phones as well as regular online payments.
PayPal's decision to expand its offerings outside the confines of eBay has proven extremely successful, and if the company can replicate that success on mobile devices, it could soon threaten to eclipse its parent company - despite PayPal's president, Scott Thomson, claiming he genuinely hopes the company will not overtake eBay.
Innovations, such as a recent upgrade to allow iPhone users the chance to deposit money directly into their PayPal accounts by simply taking a photo of a personal cheque, are sure to provide PayPal with a good starting point, but the sheer scale of a project to take payments mobile could cause difficulties for the company.
Mr Thompson explained how quickly payment systems are evolving and said he believed PayPal has a lot of work to do if it wanted to remain relevant to new generations of consumers. He said: "We are literally just scratching the surface."
With recent PayPal figures showing this year's Black Friday saw a massive 310 per cent growth in mobile shopping and a 27 per cent growth in mobile payment volumes, it seems the company has its sights set on the correct market when it comes to payment services.
PayPal is mobilising for a strong financial future
While PayPal began as an off-shoot of popular auction site eBay, the online payment service quickly became a leader in the field of online payment processing. Well trusted and liked, PayPal has expanded far beyond its original remit to provide payment options to businesses and individual retailers all over the net. Now, the proactive company has plans to increase services and include new mobile offerings. According to a report in the New York Times, PayPal believes future growth will come from payments made using mobile phones as well as regular online payments.
PayPal's decision to expand its offerings outside the confines of eBay has proven extremely successful, and if the company can replicate that success on mobile devices, it could soon threaten to eclipse its parent company - despite PayPal's president, Scott Thomson, claiming he genuinely hopes the company will not overtake eBay.
Innovations, such as a recent upgrade to allow iPhone users the chance to deposit money directly into their PayPal accounts by simply taking a photo of a personal cheque, are sure to provide PayPal with a good starting point, but the sheer scale of a project to take payments mobile could cause difficulties for the company.
Mr Thompson explained how quickly payment systems are evolving and said he believed PayPal has a lot of work to do if it wanted to remain relevant to new generations of consumers. He said: "We are literally just scratching the surface."
With recent PayPal figures showing this year's Black Friday saw a massive 310 per cent growth in mobile shopping and a 27 per cent growth in mobile payment volumes, it seems the company has its sights set on the correct market when it comes to payment services.
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