Reported in Channel News Asia recently, PayPal is planning to expand in the Asia Pacific Region with an aggressive growth strategy. Speaking to reporters in Hong Kong, PayPal's Senior Vice President for Asia Pacific, Rupert Keeley spoke of how they were planning to expand rapidly in the region within the next 12-18 months. This is after it launched the region's very first mobile payments service. While Australia and Hong Kong are the first country in the region to enjoy PayPal's mobile payment service, they are looking to expand to other countries in the region fairly quickly. They currently have six sales offices in the region with plans to expand into more cities and countries. While they admitted that Indonesia's 240 million people represent an interesting and attractive market which they are interested to expand into, they did not reveal whether Indonesia is next on their expansion plan.
PayPal's new system would allow retailers to accept payments via smartphones. With the use of a dongle card reader, users of the system are able to pay for their purchases with retailers who do not have an account with banks. Retailers are also able to accept payments by just taking a picture of their customer's card. PayPal's status as a first mover in the region would put it in good stead to serve an area which is underserved in terms of mobile payments. With many analysts predicting that mobile payments will take off in a big way in the near future and Google pushing their mobile payments service in mature markets, PayPal's move to be the first to serve the region makes would definitely give them significant competitive advantage.
To learn more about mobile and other forms of payment technologies, join us at our 17th Annual Cards & Payments Asia from 25 – 27 April 2012. Download our brochure to find out more about who will be speaking!