PayPal Enables Singaporean Businesses To Profit
From Mobile Commerce Boom
SINGAPORE, May 17, 2012 /PRNewswire-Asia/ -- PayPal today unveiled
two easy-to-use mobile commerce solutions for mobile-optimized
checkout and mobile shopping websites, so that businesses of all
sizes in Singapore can capitalize on the exponential growth of
mobile shopping from S$328 million in 2011 to S$3.1 billion in 2015
(Note 1). With over 1.4 million smartphones sold in Singapore in
2011 (Note 2) and nearly half of all online shoppers making a
purchase on their mobile devices last year (Note 3), Singaporean
shoppers are driving a fundamental change in the retail commerce
market by choosing to shop and pay using their smartphones anytime,
anywhere. Businesses need to adapt to this changing consumer
shopping behaviour and PayPal offers innovative solutions to
increase mobile conversion, lift mobile sales and deepen engagement
with mobile shoppers.
(Photo: http://www.prnasia.com/sa/2012/05/17/20120517154905466816.html )
PayPal is a global leader in mobile payments and is expected to
process US$7 billion in mobile payment volume this year. In 2011,
the company processed over US$4 billion in global mobile payment
volume which represented a five-fold jump in mobile payments as
compared to the previous year (US$750 million in 2010). PayPal
currently has over 17 million global customers regularly making
purchases through their mobile devices.
"Mobile commerce is one of the fastest-growing trends in the retail
market today as mobile devices are changing the way consumers shop
and pay every day," said Rahul Shinghal, Director, PayPal Mobile
Asia Pacific. "PayPal is aggressively driving this change by
streamlining the payment process in as little as two clicks on
web-enabled mobile devices for millions of consumers and businesses
across the world. The time is right for Singapore's retail industry
to go multichannel by offering mobile-optimized checkout and mobile
shopping websites to take advantage of this major change in
consumer shopping behavior."
Simpler, faster mobile payment experience for all merchants that
accept PayPal
Businesses need to offer consumers a streamlined mobile payment
experience to truly capitalize on the booming mobile commerce trend
in Singapore. According to a recent PayPal survey, nearly
two-thirds of mobile shoppers in Singapore had previously stopped a
mobile transaction because of the hassle of entering their
financial details, such as 16-digit credit card numbers, on a small
screen. However, merchants in Singapore and across the Asia Pacific
region that have used PayPal's mobile-optimized checkout solutions
have seen a six-fold increase in mobile transaction value in 2011.
PayPal's mobile-optimized checkout solutions allow consumers to pay
faster in as little as two clicks on smartphones and do not store
any sensitive financial details on the mobile device.
To enable more Singaporean businesses to increase their sales
through mobile devices, PayPal is announcing its "PayPal Mobile
Payments Standard" solution which automatically provides all
merchants that accept PayPal on their website today with a mobile
payment checkout experience optimized for mobile devices, including
iPhone, iPad, iPod and Android devices. PayPal detects when
customers are using their mobile device for the payment process and
redirects them to a mobile-optimized payment page, even if the
merchant's website is not optimized for mobile devices yet. If the
merchant currently has PayPal on their website, then the mobile
optimized payment checkout experience is available to their
customers without any additional integration work. For a new
merchant, they simply integrate PayPal into their website to get
all the benefits of a mobile-optimized payment checkout solution
for customers making purchases on mobile devices.
Mobile optimized sites lead to higher conversion, sales and
engagement with customers
While a mobile optimized payment checkout experience can help to
increase mobile sales, the ultimate mobile commerce solution for
businesses is to offer a website optimized for mobile devices.
Businesses that do not have a mobile friendly version of their
website risk losing customers who become increasingly frustrated
with the poor shopping experience on their smartphones. Google data
shows that 3 out of 4 Singaporean businesses do not have mobile
friendly websites, but PayPal aims to fix this
situation.
Today, PayPal is piloting its "Mobile Commerce in a Box" solution
in Singapore to help businesses build mobile-optimized websites by
converting their online stores into a mobile friendly interface -
all in under an hour and at no additional cost to the merchant. The
mobile-optimized site will have larger product photos, buttons,
links and text to make it much easier to browse and shop on a
mobile device, while still providing mobile-optimized checkout in
as little as two clicks.
Businesses will benefit from lower bounce rates, increased browsing
time, higher conversion rates and ultimately increased mobile
sales. To use this mobile commerce solution, PayPal merchants who
use ZenCart or osCommerce shopping carts can download, install and
use the free PayPal Mobile Store Plugin which will convert their
existing online store into a fully operational mobile optimized
store.
Andy Shea from BestOfferBuy.com said, "Initial results of our
mobile friendly website are very encouraging as they show that
PayPal is helping drive significantly higher conversion and
increased engagement with mobile shoppers. PayPal's Mobile Commerce
in a Box solution was simple to use and best of all it's a free
plugin for my website. It's a great offering from PayPal and helps
a small business like us quickly adapt to the growing trend of more
Singaporeans shopping and paying on their smartphones."
Singaporean businesses with an existing online store can register
their interest for PayPal's Mobile Commerce in a Box solution at
https://www.paypal-apac.com/minabox.
Note:
1. PayPal Online and Mobile Shopping Insights 2011
2. GfK Asia 2012
3. PayPal Online and Mobile Shopping Insights 2011
About PayPal
PayPal is the faster, safer way to pay and get paid online. The
service allows members to send payments without sharing financial
information, with the flexibility to pay using their account
balances, bank accounts (where available), debit cards and credit
cards in various markets. PayPal is an eBay company and enables
global e-commerce with more than 110 million active accounts in 190
markets and 25 currencies around the world. More information about
the company can be found at https://www.paypal.com.sg.
PayPal is headquartered in San Jose, California and its
international headquarters is located in Singapore.
Media Contacts
Malini Mitra
PayPal, Singapore
T: +65-6590-5543
E: [email protected]
Bridget Kow
The Hoffman Agency
T: +65-6361-0250
E: [email protected]
SOURCE﹛PayPal