PayPal reports that mobile transactions are expected to soar again during the holiday season. PayPal has recently established partnerships with Visa and Mastercard to enable customers make cashless transactions in land-based stores as well. The online transaction giant has also collaborated with Facebook to offer P2P payments via Facebook Messenger. PayPal says that 6 in 10 Americans think that holiday shopping is a cause of stress, which is why PayPal has augmented its mobile services for the convenience of its customers.
Customers Trust in Mobile Payments
It’s a fact that mobile usage is increasing every year. Customers are accessing their Facebook accounts and emails using their mobile. No wonder mobile is seen as a platform and not a mere tool. PayPal expects that mobile will be an essential aspect in conducting business with customers. The company is also improving their customer relations management to serve customers and merchants alike.
PayPal reports that it has received a 56% annual increase in mobile payment transactions in Q1. It is the linchpin that paves the way for more mobile-based sales and transactions during the holiday season. PayPal predicts that the biggest holiday transaction via mobile will amount more than $64,000.
Cyber Monday Signals Surge in Mobile Payments
Cyber Monday will mark be the highlight of mobile transaction influx. It’s a given that there will be Black Friday online sales after Thanksgiving day, but PayPal says that most customers have purchased online during Cyber Monday.
Mobile is not only seen as a practical and convenient payment method. It’s also changing how customers are shopping and where they purchase products. 59% will use their mobile to check products while watching TV, 22% will browse through items inside the toilet, and 34% will find products before they sleep.
PayPal expects more than $25,000 in total payment volume on Cyber Monday. Millennials will be expected to buy online using their mobile gadgets.