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| Thursday, 14 Jun 2012 - Andrew Yew |
| PayPal Enables Malaysian Businesses To Ride The Mobile Commerce Wave |
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Kuala Lumpur, Malaysia, 14 June 2012 – PayPal announced the “PayPal Mobile Payments Standard” solution which automatically provides all merchants that accept PayPal on their website today with a mobile checkout experience optimised for mobile devices. Malaysian businesses can now capitalize on the exponential growth of mobile shopping from RM467 million in 2011 to RM3.43 billion in 2015* by offering a faster and safer e secure mobile checkout experiences to mobile shoppers.
With over 4.4 million smartphones sold in Malaysia in 2011** and nearly half (40%) of all online shoppers making a purchase on their mobile devices last year*, Malaysian shoppers are driving a fundamental change in the retail commerce market by choosing to shop and pay using their mobile devices anytime, anywhere. Businesses that do not offer mobile-optimised checkout of their website risk losing customers who become increasingly frustrated with having to enter a 16-digit credit card number and other financial details on the small screen of a smartphone.
Elias Ghanem, Managing Director, PayPal Southeast Asia and India and Rahul Shinghal, Director, PayPal Mobile Asia Pacific speaking at the PayPal Insights in Kuala Lumpur |
Rahul Shinghal, Director, PayPal Mobile Asia Pacific said, “Mobile commerce has taken off in a big way globally and here in Malaysia. PayPal is aggressively driving this change by streamlining the mobile payment process in as little as two clicks on web-enabled mobile devices for millions of consumers and businesses across the world. The consumer demand is here, and the time is right for Malaysia’s retail industry to integrate mobile into their business strategies and offer faster and more secure mobile optimised checkout.”
PayPal’s mobile-optimised checkout solutions allow consumers to pay faster in just two clicks on smartphones and tablets. Mobile payments made via PayPal are more secure as no sensitive financial information is stored on the mobile device. As a result, merchants in Malaysia and across the Asia Pacific region that have used PayPal’s mobile-optimised checkout solutions have seen a six-fold increase in mobile transaction value in 2011.
Simpler, faster mobile payment experience for all merchants that accept PayPal While Malaysian consumers are increasing their mobile commerce spend exponentially, security concerns (36%) and the lack of user-friendliness in terms of “screen size is too small” (42%) were indicated as the main barriers towards greater adoption. PayPal data also reveals that nearly 6 out of 10 Malaysian mobile shoppers had previously stopped a mobile transaction in the past because of the hassle of entering credit card numbers, Card Verification Value (CVV) and other financial data on a small screen.
To enable Malaysian businesses to offer a faster and seamless mobile checkout experience to their customers, PayPal announced the “PayPal Mobile Payments Standard” solution which automatically provides all merchants that accept PayPal on their website today with a mobile payment checkout experience optimised 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-optimised payment page, even if the merchant’s website is not optimised for mobile devices yet. If the merchant currently has PayPal on their website, then the mobile optimised 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-optimised payment checkout solution for customers making purchases on mobile devices.
“Mobile is one of the fastest growing channels for us to continuously provide amazing deals and experiences to our customers. PayPal’s mobile-optimised checkout is a perfect addition to ensure convenience for our customers and drive higher customer conversion on our mobile site,” said Joel Neoh, CEO of Groupon Malaysia.
PayPal is a global leader in mobile payments and is expected to process US$7 billion in mobile payment volume in 2012. 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.
* PayPal Online and Mobile Shopping Insights 2011
** GfK Malaysia
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