PayPal’s Mobile Payment Revenues To Top $3 Billion

PayPal has announced that it is well on track to process $3 billion in mobile payments this year. The current number is a 50% increase on its previous projections according to which PayPal anticipated to rack in $2 billion in mobile revenues in 2011. In fall of 2010, PayPal projected that it will generate $1.5 billion in mobile revenues in 2011, a figure that it soon had to revise upwards to $2 billion.

Laura Chambers, PayPal’s GM for mobile payments attribute much of this success to the explosion of smart phones and the familiarity of users with PayPal.

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