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Mobile Payments

PayPal expects to process USD 3 billion in m-payments in 2011

Friday 24 June 2011 | 10:27 AM CET

PayPal is currently expecting to process USD 3 billion in mobile payments by the end of 2011, up from the company’s previous projection of USD 2 billion, media outlet reports.

In May 2011, eBay's chief executive John Donahoe discussed during the Q1 2011 earnings call about how PayPal is expected to process over USD 2 billion in mobile payments by the end of 2011, nearly three times the USD 750 million processed in 2010.

According to the source, PayPal now has eight million users and sees USD 10 million a day in mobile total payment volume.

Recent financial results have revealed that PayPal, the online payments division of eBay, has witnessed a 16 percent year-over-year growth in the number of active registered accounts, reaching 97.7 million in Q1 2011.

In related news , Google has teamed up with a number of firms for Google Wallet, an app that is expected to turn a mobile phone into a wallet. Following the launch, PayPal has allegedly filed a lawsuit against Google and two of its former executives, accusing the company of hiring the two persons to obtain trade secrets for its mobile transactions project.

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