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This year, PayPal celebrates a decade since it forayed into the world of mobile payments in 2006. Back then, things were a little different. Web-based payments were still the preferred method for ecommerce transactions – and rightfully so. Digital marketplaces were not as technologically capable of supporting mobile transactions as they are now. In 10 years, the mobile payments industry has evolved significantly.
During the infant stages of its mobile payments capabilities, PayPal enabled users to transfer cash through text messaging, not an app. Today, PayPal’s mobile payment volume has exceeded more than $66 billion, accounting for 30% of its traffic, Pymts.com reported April 5. In 2011, mobile only accounted for 1% of PayPal’s payments volume. The preferences of consumers for an omnichannel experience has largely contributed to PayPal’s – and other payment services’ –growth. As technology evolves, so do consumers.
This year is a good time for credit unions to pause and reflect on the current state of the payments landscape. A majority of consumers continue to identify financial institutions as logical providers of next-generation services such as digital wallets. A “wait for the winners to emerge” approach will likely result in credit unions lagging behind the curve.
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