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Business Are mobile payments catching on? $10,000 per minute via Paypal says yes

Are mobile payments catching on? $10,000 per minute via Paypal says yes

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Mobile payments are not a dream for the distant future anymore.  The news has been riddled with mobile payment solutions for the last year or more and today I think that Paypal has a pretty good idea whether mobile payments are a simple fad or plan to be around for awhile.  With more people shopping on the go instead of at stores, the number making payments for things via a mobile app is going to be much higher this holiday season.  Ebay and Paypal have released some statistics that are mind boggling, but do show a good reason as to why mobile payments could be here to stay.

Many people worry enough about credit card information and other personal information being the target of hackers around the world.  With mobile payments, those that are paranoid are not going to instantly become at ease with the option.  With NFC (near field communication), mobile payments are able to help a user make a payment for purchases at a register equipped to handle an NFC payment.  This would include not even taking your wallet out of your pants and in some cases, without even removing your phone from its case.

If you have not ever heard of “Mobile Sunday”, don’t feel bad, most people haven’t until today.  Paypal released some numbers and calls “Mobile Sunday” the busiest mobile payment day of all of 2010.  It happened on December 12th and according to Paypal, over $4.7 million in mobile payments were processed.  For all of 2011, Paypal is expecting there to be around $3.5 billion in mobile payment volume and the industry expects that number to rise to over $600 billion by 2015.

Some other numbers from the infographic that was released today include the cities with the most Paypal via mobile usage and those include New York, Los Angeles, Houston, Miami, Chicago and Dallas just to name a few.  Over $10,000 per minute has been processed via mobile devices through Paypal.  The web site also said they expect to see a huge jump in mobile payments being processed on Thanksgiving Day right after dinner as some settle in to make purchases from home.  Paypal also released the busiest time and day of the week and that turned out to be Mondays between noon and 1pm.

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