News & Views - Savantor

It’s not all about cards

Monday, 17 January 2011

There was an interesting comment in a recent blog on PayPal which suggested the banks do not yet “know how to prevent PayPal's seemingly unstoppable capture of the online payments world."  Now that may or may not be true but it seems clear that the online payments world is indeed falling further under the PayPal spell.  A recent report showed that PayPal is now planning to develop an international e-commerce platform in China.  Apparently PayPal and the government of Chongqing, a city in south western mainland China, have entered an agreement, under the terms of which both parties are expected to enable users to pay for foreign online shopping transactions.  This seems like a good move as analysts state that China’s online payment transaction volume totalled USD 109.5 billion dollars in the first nine months of 2010.

Add to this the fact that 76% of US consumers currently own an active PayPal account and that PayPal’s services usage in the US has grown from an average of 10.8 annual purchases in 2008 to 14.0 annual purchases in 2010, showing that PayPal has achieved mainstream status for American consumers and the picture looks very positive from PayPal’s perspective.  They may not be unstoppable but they look like they are going to be hard to stop.  They may be small transactions and high volume now but who knows where the current momentum will take them?

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