Most of us know mobile payments are steadily gaining ground among users, but PayPal is one of the rare companies that can give us actual figures. The eBay-owned company says it expects to handle $10 billion in mobile payment transactions this year, which is 150% more than in 2011.
And that’s not all – in the same blog post, PayPal said that its PayPal Here solution is now “generally available” (not sure what that exactly means) in the US and Hong Kong, including for most of 300,000 customers who signed up to the waiting list.
As you probably know, PayPal Here works like Square, allowing multiple payment types, not just credit cards. For card swipes and PayPal payments, the rate is 2.7% and when used with the PayPal business debit card, merchants can also get 1% cash back on eligible purchases, bringing the processing rate down to 1.7%. And to that PayPal’s world-class fraud management capabilities and you can clearly see that PayPal is here to stay in the mobile payments market.