PayPal Increases Projected 2011 Mobile Payments To $3 Billion

PayPal has increased its mobile total payments volume for 2011 to $3 billion, claiming an unprecedented rise in mobile payments.

PayPal Mobile Senior Director Laura Chambers wrote in a recent blog post that this was the third time the company had to adjust its mobile payments forecast this year.

The company had previously projected $1.5 billion in 2011 mobile payments volume which was later increased to $2 billion. PayPal has now increased the figure to $3 billion following a rise in the usage of PayPal’s mobile payment system.

“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,” Chambers said.

Chambers also revealed that the company was now registering $10 million in mobile TPV every day, up from $6 million a day in March. PayPal also reported that its mobile payments service has 8 million regular customers, an increase from the 6 million regular users PayPal had previously reported.

The company also revealed that merchants who use its mobile payments system have reported a 37 percent rise in sales, showing that the boost is partially due to increased consumer demand all around.