Australians are now ready to make day-to-day and major payments online, including school fees of up to $30,000 a year, according to PayPal’s head of global alliances and vertical markets, Glenn Lim.
“I think the adoption is going to ramp up. We’re seeing a fair amount of adoption, especially in universities," he said.
“People are very familiar with PayPal and how it works. Now if we can provide PayPal in other parts of their lives and it works exactly the same they will use it.”
Four years after expanding its online payment services beyond Ebay, PayPal is shifting its focus towards what it calls non-traditional markets.
“Non-traditional markets mean charities, education and local governments,” he said. “Merchant market business now is growing at about 57 per cent a year and it represents about 53 per cent of our total $US2.4 billion of revenue.”
Lim also claimed PayPal was a key reason for the expansion in the online retail space, which he contended would experience stronger growth than traditional markets.
“In Australia, 53 per cent of all SME retail merchants are online and last year income from online sales was up by 20 per cent," he said.
“I don’t think anything is recession-proof but I do think there are less barriers to find the things that you want and also to purchase them in the way that you want online.”