New figures show that there are a growing number of consumers using their mobiles to make payments with PayPal Australia reporting that it’s currently processing over 1,000 transactions an hour.

In March, PayPal’s Australian mCommerce data showed that the total value of mobile transactions processed via the company had hit $42 million 2010. But given the large trajectory and 430 per cent year-on-year growth, PayPal has now revised it forecast and expects the value of mobile payments in the country to more than quadruple this year.

Frerk-Malte Feller, PayPal Australia managing director, said its evident that mobile commerce has hit the mainstream where merchant partners are accepting more mobile payments.

“Mobile provides a win-win opportunity; consumers have the tools to make smarter more convenient purchasing decisions, whilst retailers have the opportunity to take advantage of phones features to deeply engage customers and drive incremental sales,” he said.

“The importance of a secure and convenient payment option is amplified when consumers are shopping on the go and we work closely with our partners to provide a best in class mobile payment solution to drive sales conversion.”

One example of this is Event Cinema which launched its PocketCinema application in March. PocketCinema enables customers to use geo- location technologies to locate the nearest cinema before being taken on a journey from seat selection through to transaction with PayPal, selling additional services, such as snacks, along the way. Since launching PocketCinema, the app is downloaded at a rate of over 30,000 times per month.

“With mobile, transactions are no longer just taking place online or in the retail environment. Consumers are changing the way they make purchasing decisions, whether they are using geo-location facilities to find their nearest shop, or opening an app to find local discounts. There are huge opportunities to take advantage of this changing consumer behavior and retailers that can provide true consumer benefit along with an enhanced experience will reap big rewards,” Feller said.