PayPal Reports 514% Rise in Mobile Payments on Cyber Monday

During Cyber Monday, PayPal experienced a 514 percent rise in mobile payments from last year's figures.

This latest trend indicates that people are more prone to shop via their smartphones. PayPal also witnessed a six-fold increase in payment through mobile phones and smartphones, which make up almost half of this year's mobile marketshare.

A recent study showed that 43 percent of mobile phone owners have smartphones and out of this, 62 percent are 25 years to 34 years old. This study was conducted by Nielsen.

PayPal also witnessed a huge rise on Black Friday 2011, with a 516 percent rise in payments through mobile phones from last year.

Claudia Lombana, a PayPal Shopping Specialist, commented that, "Based on the volume of mobile purchases made throughout the weekend, it seems that as we predicted throughout 2011, mobile shopping has hit its stride this Holiday season," as postedon the PayPal blog.

Between 1pm and 2 pm on Black Friday, PayPal received the highest response through smartphones. On Cyber Monday, the 514 percent increase "only reflects mobile purchases made by 11 am."