PayPal Heightens Expectations For Mobile Payments

The good people at PayPal are so optimistic about the future of mobile payments that they’ve once again been forced to update their projections on the anticipated growth of the industry.

As it now stands, PayPal says its 2011 mobile total payments volume will hit $3 billion, a full $1 billion more than the $2 billion range the company forecast just this past February.

On Thursday, PayPal Mobile senior director Laura Chambers turned to the official PayPal Blog to share the news.

“This is the third time we’ve had to update our mobile 2011 projections,” Chambers admits. “We first predicted $1.5 billion in 2011 mobile payments volume.”

“Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006,” she adds.

Overall, PayPal says it now sees up to $10 million in mobile TPV a day, which represents a significant jump from the $6 million the company reported only three months ago.

“While the rapid growth has been a (pleasant) surprise,” Chambers concluded, “we aren’t surprised that so many consumers and merchants are choosing PayPal Mobile. Consumers consistently report that they trust PayPal above all other brands; merchants are seeing sales of up to 37% when they use our mobile products; and developers consistently innovate through mobile partnerships with us. PayPal is simply about commerce – any time, anywhere, and any way that you want to do it.”