PayPal Is Going To Hit $3 Billion In Mobile Payment This Year

PayPal’s estimation of the total of mobile payments transactions in 2011 is in doubled to $3 billion from $1.5 billion.

PayPal reported that growing rate of mobile payments is over their expectation. There are more people using the payment technology to buy items on their mobile phones and this makes the company revising the number for the third time. The the amount of mobile payments transaction predicted was once changed from $1.5 billion to $2 billiion at the years end in 2010.

Besides, mobile payment per day was increased to $10 million. In March, the estimation was $6 million per day. Number of customers making transactions using PayPalMobile is also increased from 6 million to 8 million.

While Paypal is happy over the growing rate of its mobile payment volume, they also realized that there are strong competition from other companies such as Google with its Google Wallet.

Mobile commerce is growing fast due to its ubiquity and convenience.

Have you tried to pay using any of your mobile device?



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