PayPal APAC offers new mobile shopping cart plug-in
PayPal APAC has announced mo.bi.pay, a mobile solution for SMBs to integrate a customizable shopping cart on their mobile site.
Mo.bi.pay (mobile built-in Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term) is a plug-in developed by Singapore based Vertical Solutions, and gives small to medium sized businesses the ability to integrate a mobile shopping cart on an existing Ecommerce website without affecting their standard desktop version. As the mo.bi.pay plug-in works in conjunction with PayPal’s mobile best practices, the customizable shopping experience offers secure mobile transactions, and will help reduce the amount of shopping cart abandonment.
According to PayPal APAC’s regional head of SMB Kris Chen, Ecommerce merchants with mobile adapted websites have seen 245% year-over-year growth in total mobile transaction volume. In contrast, merchants without a mobile centric offering have seen only 118% year-over-year growth in mobile payments.
“Buyers will have problems browsing, purchasing and checking out on their mobile devices, and ultimately orders will drop off. Given there are no costs to the merchant and no membership sign-up or additional address requirements to fill out on the customer's device, we're seeing significant interest in mo.bi.pay." Kris Chen added.
PayPal, has been expanding their mobile offerings as of late, and has begun to offer integrated in-app purchases through their updated SDK, and is already featured on black car service application Uber. Mcommerce growth was also one of PayPal president David Marcus’ predictions for Ecommerce in 2014.
PayPal APAC has announced mo.bi.pay, a mobile solution for SMBs to integrate a customizable shopping cart on their mobile site.
Mo.bi.pay (mobile built-in Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term) is a plug-in developed by Singapore based Vertical Solutions, and gives small to medium sized businesses the ability to integrate a mobile shopping cart on an existing Ecommerce website without affecting their standard desktop version. As the mo.bi.pay plug-in works in conjunction with PayPal’s mobile best practices, the customizable shopping experience offers secure mobile transactions, and will help reduce the amount of shopping cart abandonment.
According to PayPal APAC’s regional head of SMB Kris Chen, Ecommerce merchants with mobile adapted websites have seen 245% year-over-year growth in total mobile transaction volume. In contrast, merchants without a mobile centric offering have seen only 118% year-over-year growth in mobile payments.
“Buyers will have problems browsing, purchasing and checking out on their mobile devices, and ultimately orders will drop off. Given there are no costs to the merchant and no membership sign-up or additional address requirements to fill out on the customer's device, we're seeing significant interest in mo.bi.pay." Kris Chen added.
PayPal, has been expanding their mobile offerings as of late, and has begun to offer integrated in-app purchases through their updated SDK, and is already featured on black car service application Uber. Mcommerce growth was also one of PayPal president David Marcus’ predictions for Ecommerce in 2014.