Mobile growing at 'rate we never could have imagined'

PayPal says mobile payments to hit $3B

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.

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