PayPal's mobile commerce push benefits Hong Kong merchants
Online traders expect more business as payment service increases coverage
Online merchants may be poised to increase shipments into new markets on the back of PayPal's expanding coverage for mobile e-commerce payments service.
PayPal, a unit of internet shopping and auction giant eBay, said the Philippines, Argentina, South Korea, Sweden and Russia were the fastest-growing markets for Hong Kong's online vendors.
Kerry Wong, the managing director of PayPal's operations in Hong Kong, Korea and Taiwan, said "more people are choosing to do their transactions, or start their search and price comparison, on their mobile devices".
The top categories in cross-border trade last year for Hong Kong online merchants included electronics and telecommunications; toys and hobbies; clothing, accessories and shoes; and computers, accessories and services.
"Cross-border trade accounted for the majority of PayPal's total payment volume in the past 12 months," Wong said.
She said Hong Kong online merchants on PayPal grew their business more than the industry average.
While the city's exports rose 2 per cent last year, online traders using PayPal boosted sales to new markets, including the Philippines, which grew 55 per cent.
PayPal, the world's leading online payment firm with about 123 million active accounts, estimated it would process US$20 billion in mobile payments worldwide this year, up from US$14 billion last year.
"We have been investing heavily in mobile commerce and PayPal enables us to offer a 24/7 multi-channel shopping experience to buyers around the world," said Alan Lim, the chief executive of E-Services Group. "Using PayPal, we can confidently provide customers with a reliable and secure online checkout experience."