PayPal has upped its figure for daily mobile payments to US$10 million a day and is predicting that total transactions will reach US$3 billion in 2011.
PayPal has upped its estimate of the total sum of mobile payment transactions for 2011 to US$3 billion. PayPal said that the rate at which customers are using the payment technology to buy items via their mobile phone is growing dramatically. Even PayPal seems to be confounded by the steepness of this trajectory – this is the third time the mobile payments giant has had to revise its figures.
PayPal predicted US$1.5 billion in mobile payments at the close of 2010, amending this figure to $US2 billion in February. Mobile payments in 2010 jumped 300% from the previous year.
PayPal is also reporting up to US$10 million in total payments volume a day, up from US$6 million reported in March. Currently, 8 million customers use PayPal to make smartphone purchases.
The mobile commerce surge has seen PayPal’s turf threatened by the likes of Google, who recently unveiled Google Wallet. Competitor Square is also contender in the mobile race, adding a location-based element to the payments game.