PayPal Mobile Payments Forecast Lifted By eBay CEO
A key forecast was increased by John Donahoe, eBay Inc. Chief Executive. During a recent conference on the Internet industry Donahoe increased the key PayPal payments forecast for the company.
Donahoe stated that the total TPV (total payment volume) that’s transmitted through mobile devices through the PayPal system will exceed $3.5 billion for this year, 2011. He gave the news during a discussion on stage in San Francisco during the Web 2.0 Summit.
The prior PayPal total payment value forecast earlier this year was only for $3 billion, which has now significantly risen to the new $3.5 billion TPV mark.
A huge mobile commerce push is happening at eBay, and this is outlined through smartphone applications like Red Laser. The Red Laser application allows for a consumer to scan a barcode in order to price check additional retailers located nearby.
PayPal is working to transform from being just the leader in online payments, into a business and individual service for mobile payments that’s going to work offline instead of just the online world.
Signs of progression in this area are something that investors are keeping a close eye on. This is especially due to the fact that it increases the market potential upside for eBay quite significantly.
Just recently, Donahoe stated that the main business marketplaces for eBay will in fact process almost $5 billion, via mobile devices, in gross merchandise volume this year along. This is an additional billion from the previous estimate of $4 billion prior.
The upside for mobile payments is huge. It’s on the cusp of becoming a mainstream solution and alternative to the credit card. Both eBay and PayPal have huge name recognition and formulating and implementing the right strategies will see them leading the way in mobile payments. It’s the wave of the future.
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