mCommerce is moving towards maturity in Australia, according to PayPal figures released this week which show over 1,000 transactions are now being processed from mobile phones every hour.
As an update to figures released in March, when it said the total value of mobile transactions processed via PayPal Australia hit $42 million in 2010, PayPal now says it expects the value of mobile payments to more than quadruple this year.
As online retail continues to enjoy steady growth and mCommerce moves from its start-up phase into maturity, PayPal is experiencing a growth rate of 430 percent year on year.
This represents a significant opportunity for retailers, according PayPal Australia Managing Director Frerk-Malte Feller.
“Mobile provides a win-win opportunity; consumers have the tools to make smarter more convenient purchasing decisions, whilst retailers have the opportunity to take advantage of phones features to deeply engage customers and drive incremental sales.”
The emergence of group buying sites as well as growth in the events and ticketing sector are driving the rise in mCommerce, due to their “buy it now” nature and mobile-optimised solutions.
“With mobile, transactions are no longer just taking place online or in the retail environment. Consumers are changing the way they make purchasing decisions … there are huge opportunities to take advantage of this changing consumer behavior and retailers that can provide true consumer benefit along with an enhanced experience will reap big rewards.”
PayPal has also just announced a partnership with Cudo, Groupon and Spreets, in order to give these site’s 4 million active account holders end-to-end mobile optimised solutions to these popular sites