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Buying stuff plastic is out and mobile is -- maybe you can -- make up on yourself on -- be dangerous for me newest technology companies.
Are jumping into the mobile payment world earlier on I sat down with PayPal president Scott Thompson.
An -- house companies moved into the mobile market was going take a listen.
The mobile -- of business is growing explosively.
Last year we processed about seven and fifty million dollars in payment volume.
Through mobile devices we expect that number to be three times that in 2011.
Rapid adoption and heavy usage and very very.
I'm healthy growth rates and you abuse cases.
I've seen estimates that your mobile business is gonna -- two billion dollars in transactions are you going to meet that target.
So yes we early signs for the -- very positive.
More and more of our customers are adopting mobile trying it for different things.
They're more merchants that are implementing it to allow their customers to transact with a mobile device.
It's just explosive growth across the category.
You've also been very explosive in terms of your acquisition activity where dot com as well as a -- card at what do you -- weighing in terms of acquisitions and how does this fit in -- business model.
In both cases those companies have very interesting technology in hand.
Entrepreneur -- and developers that exist in both of them.
We're looking forward to getting the people as part of PayPal in the technology integrated to what we do.
And it's really the full on commitment that you're talking about to be in mobile to be a big player.
They have products and services that our customers love.
You know unfortunately in -- we've seen over the last several months and and more specifically in the last week or so word about data breaches with -- with PlayStation and in other difference -- years.
How do you sell the whole concept of trans acting on your mobile phone in a world that is very and secure with people who -- very apprehensive to doing that.
And the nice thing about a model and it's very unique in this -- god is.
When you use your mobile phone and PayPal your credentials -- financial information isn't stored in that device.
What happens is through that mobile device you re directed to PayPal.
You authenticate yourself and then you instruct us paid aperture and so to me is -- -- to potential but compromise your coat because there isn't anything on the phone.
You know what we know it we security and that we pushed the money to the merchant this Hala payment system -- but.
How do you educated consumer about this because trans acting and going in using my mobile phone vs my credit card seems -- -- something that you know a very.
Tech savvy person would do but for the rest of us it doesn't seem like something that seems very natural.
The nice thing about the Internet is people educate themselves and they do it and community forums -- -- -- above the waves.
In the social nature of the Internet is just taking -- you know.
And so -- goal is to get our message out and keep value proposition two explaining in clear terms.
So that the customers know exactly what's happening in meant to protect your financial information as best we can at all times in -- statistics in terms.
Of how successful you are in the space vs other competitor -- It's early we think numbers leading in the category were putting a lot of effort behind winning in this category over the long term.
Consumers in franchise want access to -- access to easy and secure payment wherever they.
Any time of day we believe mobile is just part of that value proposition of PayPal has that and deliverance that we intend to be in the space -- And will you aren't the only ones I want to be in the space Google FaceBook guy even a big credit card players square -- be in this it in this industry how are you going to compete in this -- things.
I think that's wonderful that's -- true testament to how big this market is.
The address civil opportunity that all of us he really reinforces that his chest huge.
And and so we believe that what we have these unique PayPal in the way we do business the way we push money -- and reservist is.
And the value that we offer to merchants as well as consumer.
When you -- altogether it's -- good early lead the lot of work always to do and good competition makes us play better.
And our thanks to Scott Thompson a -- on what's astounding Charles is that Scott told me that today do you 303500.
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