1 Million Downloads in less than 3 weeks. The transfer of money by PayPal’s iPhone app begins easier and possible without being in the front of a computer.
The Apple App Store launched on March 15 has the ability to split checks, collect money for events, donate to charities and manage PayPal accounts and money transfers. This has boosted PayPal’s mobile transactions nearly 6 times from $25 million in 2008 to $141 million in 2009 (Source: Mobile Marketer).
According an ABI research study, people would spend $119 billion through their mobile by 2015. Relying on the report PayPal announced the new PayPal mobile for iPhone app through Social Media. The iPhone App functions in 15 languages and has a calculator of world currencies. A password is, of course, asked for every mobile transaction. The security level needs to be high as in Internet.
MasterCard, Visa and Discover are also following suite by launching their own mobile payment platforms. Mobile Phones will be the new way for transferring money for customers, but also to check their balance and statements. They just don’t need to wait to access their PC, get worried about internet connectivity, electricity etc., nor do they need to wait for the mail to be delivered. EBay is now the biggest mobile commerce entity with $600 million-worth business done in 2009. With PayPal service members can make financial transaction without showing their financial information.
It has 81 million active accounts in, almost, 200 countries and done in 24 different currencies. That takes it the way to influence how we can pay. The vision is to empower consumers to pay more things through Paypal process from electricity bill to movies tickets from their mobile and be done in couple of clicks.
Ecommerce is now being graduated to Mcommerce and will increase a lot in the next years. One doesn’t need to carry their wallet anymore. With PayPal Mobile for iPhone app, the Mcommerce generation is now a tool to help people do financial transactions being mobile, on the move.