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PayPal Swiping Credit Card Market

Posted Nov 21, 07 1:05 PM CST in Business,  Technology 

(Newser) – With identity theft jumping 50% since 2003, more people are turning from credit cards to Internet-based payment services like PayPal and Google Checkout for online purchases and, increasingly, everyday transactions, Business Week reports. Roughly 30% of US online shoppers used an alternative payment service last year. "Consumers are afraid to give out their credit-card information," said one retail expert.

PayPal, once used almost exclusively by eBayers, has branched out since the online auction company bought it in 2002; 45% of its business is now non-eBay related. It’s tops in the sector with a 24% marketshare and saw third quarter volume increase 34% over a year ago to $12.2 billion. Google Checkout, launched in 2005, holds 12% of the market.

Source BusinessWeek

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Employees work at their workstations at PayPal, in La Vista, Neb., in this March 8, 2007 file photo.   (Associated Press)
PayPal lanyards on display at are seen at eBay Inc. headquarters in San Jose, Calif., Wednesday, Oct. 17, 2007.   (Associated Press)
The PayPal Security Key (Photo   (Associated Press)
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