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November 28, 2012

Paypal’s mobile payments surge during holiday season

PayPal has reported 190% rise in global mobile payment volume during the Cyber Monday

By CBR Staff Writer

Global online payment solutions provider PayPal has reported 190% rise in global mobile payment volume during the Cyber Monday when compared to the same period in 2011.

The rise in mobile volume was accompanied by a similar surge in the number of customers shopping through their phones, which increased 166% when compared to same period in 2011.

Following the rise, the firm is now planning to focus on expanding its mobile payment technology to 7 million worldwide locations in 2013.

The firm reported 44% rise in mobile payments on Cyber Monday 2012 compared to Black Friday 2012.

PayPal president David Marcus told Mashable that the firms that are solely trying to solve payments offline are going to fail.

"A lot of companies are obsessed with payments at a point of sale. With payments offline there’s no real problem to fix," Marcus said.

The firm anticipates that mobile payment will only be the dominant method of buying in store if customers see it to be rapid and easier over other paying methods.

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"If you don’t have to wait in line, we’re solving a problem for you," Marcus said.

"People will adopt PayPal because it solves a real fundamental problem."

According to reports, Cyber Monday retail traffic increased 11% in 2012, with Amazon, Walmart and BestBuy topping the list.

Nearly $1bn has been spent online by the US holiday shoppers during the Thanksgiving weekend, when compared to $816m spent during the same day in 2011.

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