Beware people at PayPal, Your dominance in person-to-person payment is now threatened. You now have competitors in Google wallet, visa and AMEX Serve, to name just the major ones. Mobile payment market is expected to grow to $640B by 2014 and big companies are working hard towards grabbing the largest pie of it. Advent of technology coupled with few fresh ideas resulted in mushrooming of start- ups in digital payment landscape. Companies with big fat wallet were quick to notice this opportunity and grabed the most potential ones. American Express grabbed a company called ‘Revolution Money’ and after the amalgamation the product, which went live in March, is called ‘Serve’. At present PayPal captures the majority share in P2P payment, with nearest rivals not even close to it in terms of revenue. No wonder that the likes of Google, Visa and American Express are trying to enter in this lucrative and fastest growing payment industry. Since its launch, Serve has really grown bigger piggy backing on Amex’s muscle power and brand value. The recent news of serve tying up with Face Book, Patch.com, Foursquare, Sprint and most recently, Verizon wireless is customary to that fact. Why you should one ditch PayPal in favor
