The company was one of the first to launch a mobile payments app on the iPhone in 2008 and offers apps on three major platforms; iOS, Android and BlackBerry devices. Both Android and the iPhone apps allow users to make use of the “bump” feature, sending and receiving payments by motioning handsets together.
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Paypal predicts that by the end of 2010, it would have facilitated 30 times the amount of mobile payments than in 2008, transactions totalling over $700m. In July and August alone, month on month transactions rose 20%, helped by the fact that on average, a Paypal UK customer will make five transactions a month.
Paypal functionality is built into eBay’s mobile application and there are reports Paypal will soon be available as a payment option on the Android Market, the service is only set to boom in the coming months.