PayPal Now Processes $9.6 Billion Per Month In Payments
My PayPal has grown. From a small online payment processor that many felt would not work, PayPal has risen consistently to the challenge and is now the premier online platform for sending and receiving payments.
In figures just released, PayPal’s power and reach was patently demonstrated with the announcement that the company now process over $9.6 billion a month in payments. On a per day basis, that works out to be $315.3 million payments per day—a massive number suggesting that trust among users is growing at an alarming rate. This is obviously very good news for eBay (who owns PayPal). With a slate of management troubles, including an investigation by the US authorities, news that PayPal is doing well must be news to the ears of the good folks over at eBay.
The PayPal star is set to rise even more as it reaches further into the mobile market. At present PayPal is managing just over $10 million transactions per day, and according to sources inside PayPal, that figure will grow over the coming months. The projected total value of mobile payments is $3 billion for 2011—a massive increase over the $750 million recorded in 2010.
There are many who would argue that PayPal is doing well only because it doesn’t have a credible competitor. But whilst this may be true, one can hardly escape the growing popularity of Paypal. $315 million in payments each day suggests that an awful lot of people trust PayPal and like the service they get.
Do you think PayPal abuses its power as the webs biggest online payment processor? Share your thoughts with us in the comments below.