The PayPal iPhone application from eBay is going miles with a little over one million downloads in three weeks. There has been an enormous increase in PayPal mobile transactions since the launch of the application on March 15 through various social networking sites like Facebook and Twitter. The application is equipped withÂ the provision to split checks, collect money for programs, contribute to charitable funds, and manage PayPal accounts and money transfers.
PayPal is largely relying on the ABI Research study that forecasts that transaction of over $119 billion will be done via mobile phones by 2015. The prime reasons being fortified security provisions and user-friendly interface. PayPal is striving to bring a world-class mobile commerce experience to consumers as well as merchants.
eBay Mobile successfully dominates the entire mobile commerce sector with a business of $600 million transacted last year over itsÂ iPhone application and WAP system. The exponential growth of mobile PayPal user-base indicates a world with no ATM in the years to come.