Online payment system PayPal has racked up 100 million active accounts worldwide.
President Scott Thompson announced the milestone in a blog post highlighting the company’s vision for the future. He predicts by 2015 US citizens will no longer need to carry a wallet.
Elena Wise, head of merchant services for PayPal Australia, can see a similar future.
“The payments landscape is evolving rapidly and PayPal is driving this change,” she says.
“Mobile payments accounted for $155 million in 2010 and are expected to rocket in the next year. The proliferation of smart phones is changing the way consumers behave and pay online. This is just the beginning, technology combined with rapid consumer adoption has created a melting pot for innovation in payments. The next few years will be incredibly exciting.”
Of the 100 million active accounts, four million are Australian but this figure is growing all the time.
“The e-commerce industry in Australia has seen tremendous growth over the last few years and is forecast to be worth $36.8 billion by 2013. Although Australia currently lags behind the rest of the world when it comes to e-commerce, the industry is experiencing a growth rate of 11 per cent as consumers become more comfortable shopping online and as Australian and international merchants develop and deepen their online offerings,” Wise explains.
“[It] represents a huge opportunity for PayPal in Australia and we are committed to ensuring our four million active account holders stay safe when they transact online.”