Security and fast operation contribute to PayPal’s popularity

The Payments Council Report ‘UK Payments Market 2008’ shows that PayPal’s market share of consumer internet payments increased from 16% in 2006 to 21% in 2007. Mark Hodson, Marketing Director at PayPal UK noted: “The findings firmly establish PayPal as the nation’s favourite online payment solution.”

At the moment more than 120,000 retailers’ sites across Europe support PayPal as a payment option. Retailers using PayPal service to process their transactions have an additional way to accept credit cards, debit card and bank payments online. Besides, as the reports show websites deploying PayPal’s Express Checkout reach an average shopping cart conversion of 72%, compared to the industry average of just 50%.

The popularity of PayPal payment system is attributed to the security and speed possible with the service. At present time these two aspects are key factors to gain success as customers want to stay sure that their financial details are not shared. Just what PayPal offers is the convenience of being able to checkout in just a few clicks without having to type in payment details or address.

”It’s clear that online retail sales are booming*** and we hope to continue the momentum we have built up and see our market share increase again for 2008,” adds Hodson.