Paypal predicts $3 billion mobile payments in 2011

Mobile payments are up to $10 million a day, reports Paypal.

Mobile payments

Paypal has upped its mobile total payments volume (TPV) projection for 2011 to $3 billion (1.9 billion), the third update to the company's forecasts for this year.

An initial speculation of $1.5 billion was increased to $2 billion in February but the latest estimate doubles the original figure.

Laura Chambers, senior director of PayPal Mobile, said on the company's blog the company is now seeing up to $10 million in mobile TPV per day up from $6 million in March this year.

"Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006," she said. "We're thrilled by this news."

The company cited recent Forrester Research data indicating the mobile commerce market could hit $6 billion in 2011 and reach $31 billion by 2016.

Part of this progress comes from an increase in the user base. Paypal said the total number of customers regularly using its mobile payment services had risen from six million to eight million.

Chambers claimed user trust was a big factor for the company's success in this area and reported merchants were seeing as much as a 30 per cent increase in sales on adoption of Paypal mobile payment technology.

Featured Resources

How to be an MSP: Seven steps to success

Building your business from the ground up

Download now

The smart buyer’s guide to flash

Find out whether flash storage is right for your business

Download now

How MSPs build outperforming sales teams

The definitive guide to sales

Download now

The business guide to ransomware

Everything you need to know to keep your company afloat

Download now

Most Popular

KPMG offers staff 'four-day fortnight' in hybrid work plans
flexible working

KPMG offers staff 'four-day fortnight' in hybrid work plans

6 May 2021
Dell XPS 17 (2021) review: A big laptop for big jobs
Laptops

Dell XPS 17 (2021) review: A big laptop for big jobs

10 May 2021
16 ways to speed up your laptop
Laptops

16 ways to speed up your laptop

29 Apr 2021