PayPal is expecting to process $3bn in
m-payments by the end of 2011, a sharp rise of $1bn from previous
estimates.
The increase in mobile transactions is down to
the adoption of more smartphones and a growing familiarity with
PayPal said Laura Chambers, PayPal’s head of mobile.
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The service now has 8m users and is seeing up
to $10m a day in total m-payment volume.
The $3bn m-payments space can be broken down
into two categories – individuals using PayPal’s mobile app to
transfer money to each other (P2P) and people completing
purchases on mobile online-commerce
sites using PayPal. It is not specified how much of the $3bn
is made up of either category.
Google and Square have been busy bringing
their own m-payments solutions to market in moves that could
threaten PayPal’s position. Chambers shrugs off the competition,
however, claiming any solution from Google that is “too closed”
will not work for the people that matter in the m-payments game –
the customers and merchants.
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