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PayPal: 12M monthly users are paying for virtual goods (updated)
More than 12 million unique users pay for virtual goods each month, according to data released for the first time today by digital payments vendor PayPal .
Update: The figure comes from research by Inside Network, and dates to mid-2010. It applies to the entire online audience in the U.S., not just Facebook, according to Inside Network’s Justin Smith.
For comparison, 12 million is only about 1.6 percent of the 750 million users on Facebook, but it’s enough to create a big social game industry capable of supporting giants such as Zynga, which generates hundreds of millions of dollars in revenue per quarter.
PayPal, which collects a lot of data on online payments, says the monetization of digital content has come a long way since the company was launched in 1998 and sold to eBay in 2002. Now it generates more than $1 billion in quarterly revenue and has more than 100 million active users.
When PayPal launched, it described its payment system as the online equivalent to dropping a quarter in a machine to buy a gumball or play Pac-Man. Now it’s use to purchase everything from news features on FT.com to games on the Xbox Live online gaming service.
According to PayPal, more than 40 percent of adults play online games. More than 70 percent of all gamers are PayPal customers. About 62 percent of North American virtual goods sales are facilitated by PayPal or credit cards. And a significant portion of gamers said they would buy more virtual goods if they could earn loyalty credits as a result.
Carey Kolaja, senior director of emerging opportunities at PayPal, said in an interview that the social game sector has been growing dramatically for the past couple of years.
“The growth of PayPal in games was organic, and now there are more and more ways to pay for goods online,” Kolaja said.
eMarketer says the market will be $1 billion in 2011, while Inside Network estimates that U.S. virtual goods revenue will be $2.1 billion in 2011. Internationally, the virtual goods market is about $6 billion, with huge growth in Asia.
PayPal, a subsidiary of eBay, can be used to pay for physical goods on auction sites. But it’s also used these days to pay for digital goods, such as virtual goods in Facebook games.
PayPal has been able to customize its risk models for gaming to deal with things like fraud. Over a decade, it learned how to spot fraudulent transactions. It uses algorithms, or automatic formulas, to cut off fraud before it is executed, Kolaja said. PayPal also allows disputes in digital payments to be resolved automatically up to certain threshold levels. That allows for a smoother, frictionless, more convenient flow of transactions.
Pay By Pay Pal - News
More than 12 million unique users pay for virtual goods each month, according to data released for the first time today by digital payments vendor PayPal. Update: The figure comes from research by Inside Network, and dates to mid-2010.
Despite hype over phone-based e-wallet services from PayPal, Google and others, consumers aren't clamoring to pay with their phones yet. According to a recent nationally representative survey by the Consumer Reports National Research Center,
By Emil Protalinski | August 1, 2011, 12:55pm PDT More than 12 million Facebook users pay for game transactions using PayPal in North America. The global number is thus even bigger. Emil Protalinski has covered the tech industry for five years for
One is do not pay attention to random contacts from Nigeria. Steffen said people should not rely on emails from PayPal to tell them a payment has been made. Always check your account to be sure a payment has been posted before sending an item.
Through the inclusion of a QR tag, customers are able to make purchases directly from print media - they simply scan the tag, press the Buy button to pay with PayPal and the product is delivered directly to your home address.
PayPal Users Love Pay-To-Play Gaming | GamePolitics
According to figures released by PayPal, 12 million of its customers use funds for various Facebook games every month on games like Farmville.
"In massively multiplayer online games, the number of paying gamers keeps going up," said PayPal's Carey Kolaja. "The perception about digital goods is that they lead to micro transactions, which are small. But the average purchase for a paying user is in the mid-20s (in dollars). It is on a positive trajectory."
Forty percent of adults play online games and 70 percent of all gamers use PayPal, according to the company. Around 19 percent of purchases in MMOs are under $10, while $10 to $50 purchases account for 54 percent of purchases. Purchases over $50 account for about 27 percent. In social games, $10 or below purchases make up 33 percent, 58 percent of purchases are somewhere between $10 and $50, and nine percent are for amounts over $50. The most popular games among customers are World of Warcraft, Final Fantasy, Bejeweled and Farmville, according to PayPal.
Source: The Escapist
Lets see *fuzzy math start* so there are 44K worth of minutes in a month your typical bill is 15-20 a month lets say 20$.
Now lets half the 44K twice leaving 11K or 183 hours, that is still to high so lets half it again to 5.5 or 90ish hours.
Now lets do it like this 20$ gets you 90 hours at 1$ per 4.5 hours, even if you double the price its better than paying for 15-20$ of time you do not use.
@ well ..... Visa ,master card , pay'pal check by phone or western union lol
aw shux looks like revenge for ips bein released by pay pal Good work guize. fire away! free the anons
Somebody, please explain, I want to pay by postal order.. the man sez no pay-pal or cheques only .... what's a postal order?
@ @ oh, and what sucks now is you have to pay for the pal separate. So prices went up by 5-10$
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