Magazine article American Banker

PayPal App Advances Mobile Trend

Magazine article American Banker

PayPal App Advances Mobile Trend

Article excerpt

Byline: Steve Bills

One more person-to-person payment application for mobile devices might seem merely like incremental progress toward mobile payments, but it demonstrates the increasing pressure to make phones into financial tools, analysts said Wednesday.

PayPal Inc. announced that its mobile Send Money application is now available for BlackBerry handsets from the Canadian smart phone maker Research in Motion Ltd.

Fred Brothers, the managing partner of the technology consulting firm eCom Advisors in Dublin, Ohio, called the development significant, though not revolutionary, because PayPal already offers similar applications for Apple Inc.'s iPhone and handsets that use the Android operating system from Google Inc.

"PayPal is the leading online P-to-P money transfer capability on the planet, with more registered users domestically and globally than everyone else combined," Brothers said. "Blackberry is the dominant smart phone among businesspeople."

The iPhone is most popular with young adults, he said, and the Blackberry is used more by Generation X and baby boomers. "These are the consumers [that] payment processors and financial institutions care most about, because they have a lot more money than Gen Y," he said.

PayPal, the payment processing unit of the online auctioneer eBay Inc. in San Jose, said its BlackBerry application integrates with users' contact lists, to send money to almost anyone with a phone number or e-mail address anywhere in the world. …

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