Online payment giant PayPal announced that the firm is set to process $3 billion in payments from mobile devices this year, well ahead of the firm's previous forecast of $2 billion.
The figure relates to transactions either made via the PayPal mobile application or via online retailers offering mobile e-commerce sites with PayPal functionality. PayPal said the firm is seeing up to $10 million in mobile payments per day, up from $6 million in March.
"Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006 - in fact, this is the third time we’ve had to update our mobile 2011 projections," wrote PayPal Mobile boss Laura Chambers on the PayPal blog.
Other firms have shown an interesting in launching payment services specifically for mobile such as internet giant Google's Google Wallet service unveiled last month.
Mobile payment systems are expected to experience a boost when so-called NFC or Near Field Communication technology becomes more prevalent on smartphones. The feature will allow using a phone as a touch-payment wallet.
Advertisement
Related Stories
- PayPal UK twitter account hacked Jul 6th 2011 at 8:34AM
- PayPal to offer high street payments Jun 13th 2011 at 9:53AM
- Google working on mobile payment service claims report Mar 28th 2011 at 6:19AM
- Starbucks mobile payment system takes off Mar 23rd 2011 at 9:25PM
- Paypal debuts two-click micro payment method Feb 11th 2011 at 10:54AM
- Google buys virtual currency outfit Jambool Aug 15th 2010 at 10:28PM
- Online to drive retail recovery Jun 30th 2010 at 10:51AM
- PayPal drops registration requirement from credit cards Jun 28th 2010 at 7:49AM
- PayPal studies online customer spending Oct 1st 2008 at 12:47PM
