PayPal: UK m-payments to reach £2.5B by 2016

The UK mobile payments market will grow at over 40 per cent each year, according to new research commissioned by PayPal, reaching £2.5 billion by 2016. The study, compiled by Forrester Research, clams that mobile ticketing and vouchers will be the principle drives behind this growth of m-payments, while the IT and fashion sectors will be two of the most valuable industry verticals in 2016, worth £542 million and £500 million, respectively. Commenting on the outcome, Cameron McLean, PayPal UK's GM, merchant services, told NMA: "The convenience of a connected device that can be used almost anywhere will lure increasing numbers of UK consumers into mobile buying... We expect to handle over $3.5 billion [£2.8 billion] in mobile payments globally in 2011." The UK PayPal exec added that over one million PayPal UK customers have already used the service to make a payment on their mobile. Article