Merchants in the region could find the company’s mobile services to be highly advantageous.
One of the leading online payment companies in the world, PayPal, already boasts 123 million accounts with active users and is now stating that merchants in areas such as Hong Kong could be poised to increase their shipments due to the expansion of the service in order to cater to mcommerce.
PayPal has announced that some of these newly included regions are among those experiencing the fastest growth.
Online and mcommerce is taking off in areas such as Hong Kong, Russia, South Korea, Sweden, Argentina, and the Philippines. The managing director of the operations at PayPal in Korea, Hong Kong, and Taiwan, Kerry Wang, said that “more people are choosing to do their transactions, or start their search and price comparison, on their mobile devices”.
This leaning toward mcommerce has provided a considerable opportunity to PayPal and its users.
Among the leading areas of online and mcommerce growth last year included cross boarder trading from Hong Kong merchants. This was particularly true in the areas of telecommunications and electronics, clothing, toys and hobbies, accessories and shoes, and computers and their services and accessories. Wong expressed that “Cross-border trade accounted for the majority of PayPal’s total payment volume in the past 12 months.”
As the exports from the city increased by 2 percent in 2012, online traders who were using the mcommerce services through PayPal were able to increase their sales within new market areas, such as the Philippines, where there was a growth of 55 percent.
It is estimated that PayPal will be processing approximately $20 billion in mcommerce transactions this year, which is an increase over last year’s figures, which were $14 billion. Alan Lim, the E-Services Group chief executive, said that “We have been investing heavily in mobile commerce and PayPal enables us to offer a 24/7 multi-channel shopping experience to buyers around the world.” He went on to ad that by using this service, they are able to offer an experience that includes reliable and secure checkouts online and over mobile, to their customers, with confidence.