Rise in mobile commerce revenue
eBay and PayPal are reporting huge jumps in mobile commerce activity during Black Friday, which is one of the busiest e-commerce days in the US. eBay says that its mobile transaction levels rose 153% year on year on the day, while PayPal claims its mobile payment volume increased by nearly three-fold as consumers shopped using smartphones and tablets.
eBay also reveals that GSI, its e-commerce solutions service, experienced a 198% rise in mobile sales. It appears that the firms increasing focus on the mobile platform is reaping rewards after it recently reported that downloads of its smartphone and tablet apps have topped 100m, with a quarter of the total coming between April and September this year, suggesting the shift to mobile is accelerating.
PayPal has placed similar emphasis on the mobile platform as earlier this year it launched PayPal Here that enables bricks-and-mortar retailers to accept card payments through a smartphone and plug-in card reader, as it aims to cover multiple areas of mobile commerce and payments.
The US is leading the way in terms of mobile commerce. Figures from Monetate assert that smartphone and tablet share of US e-commerce traffic doubled year on year during Q3, while a report from Internet Retailer also tips full-year mobile commerce revenues in the country to double, topping USD20.85bn.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
