Mobile has been highlighted as one of the main directions of growth for PayPal, with particular focus being placed on its merchant services via the recently launched “Cash for Registers” program aimed at consolidating and expanding PayPal’s position in the mobile card processing space.
At the end of Q2, PayPal was revealed to have 132 million active accounts globally, having added almost 5 million new accounts during the period, marking the fifth consecutive quarter of growth. Merchant services generated a 29 percent growth for Q2 2013, up 3 percent from Q1 2013 and representing USD 30 billion of payment volume.
PayPal launched its Cash for Registers program in mid-May 2013. Via Cash for Registers, PayPal is waiving transaction fees for qualifying US businesses using its PayPal Here mPOS offering to accept credit, debit card, cheque and PayPal payments by the end of 2013. PayPal is also making this offer available for solutions pre-integrated with PayPal from its existing POS partners including ERPLY, Leaf, Leapset, NCR Silver, ShopKeep POS and Vend.
In recent news, PayPal has closed an agreement with financial services provider Qatar National Bank (QNB) to provide QNB retail customer with more options for online purchases.
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