Bill Zielke here, senior director on the merchant services team. For years, retailers have been talking about the importance of a multichannel strategy. But there’s never been a better time to get this up and running than today – because consumers are shopping not only offline and online but now through their phones. Mobile payments are poised to reach $200 billion by 2012, according to Juniper Research. And with more than 172 million smartphone users around the world, the mobile opportunity is hard to ignore.
PayPal is already the leader in mobile payments. We have been offering mobile commerce since 2005 and our mobile transactions are growing at a dramatic rate – increasing nearly six-fold, from $25 million in 2008 to $141 million in 2009. We expect to close out 2010 with more than half a billion dollars in mobile payment volume and more than five million members regularly using PayPal from their mobile devices.
We’ve had some great discussions with our merchants about mobile commerce and many of them have told us that while mobile is top of mind, getting into the game has proven difficult. That’s why we’re thrilled to unveil Mobile Express Checkout. A mobile version of PayPal’s Express Checkout service, Mobile Express Checkout allows merchants to offer the same fast and safe PayPal experience to their on-the-go customers.
We are in the early stages with Mobile Express Checkout, and it’s being initially rolled out on the iPhone and Android 2.0 (and higher) devices by a few innovative retailers, including Nike and Buy.com, over the next few weeks. Jeff Wisot, vice president of marketing at Buy.com shared a few words about Mobile Express Checkout recently saying, “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.”
Mobile Express Checkout will be available for the rest of our merchants later this summer. Here are just a few of the features it will include:
- One-stop payment service that allows merchants to sell to millions of mobile shoppers
- Quick deployment and integration to get merchants in the mobile game fast
- A seamless customer experience which is especially important with smaller screens and keyboards – no cumbersome data entry, just a few clicks and customers are done
- Strong fraud detection