Cross-border trade involved 94 million active PayPal users across 190 markets that purchase products from Hong Kong-based PayPal merchants. But Kerry Wong, general manager of PayPal Hong Kong and Taiwan, notes that Hong Kong’s domestic market will be the one to watch and that mobile payments will be a key driver.
“In Hong Kong alone, our mobile transaction volume grew seven times to nearly US$10 million in 2010. The biggest barrier is that consumers will not enter their credit card details on a small screen. We are the missing link as you can quickly, securely pay in as little as two clicks on the phone, while none of your financial details are stored on the phone,” explained Wong.
Over the past year, PayPal saw double digit growth in the country, powered by a highly-wired society with 102.9 per cent broadband and 189 per cent mobile penetration rates. Hence, it is looking to focus on developing the local online shopping market, encouraging Hong Kong consumers’ use of online and mobile payments, and providing local merchants with more relevant products and services to grow their business online.
In addition, Hong Kong e-commerce has been given a shot in the arm lately as group buying companies such as ubuyibuy.com and Bee Crazy launched in Hong Kong. The growing trend of social networking and group buying has encouraged more consumers to purchase online from these sites in order to avail of discounts on a wide array of products.
