PayPal Doubles Mobile Payments Predictions to $3 billion in 2011

It’s no secret that everyone’s talking about mobile payments.  We’ve written about it plenty here at PayPal, and it’s a story playing out in the press almost daily.   We recently saw coverage of new data from analyst firm Forrester Research predicting that mobile commerce will hit $6 billion in 2011 – and reach up to $31 billion by 2016. Today the Wall Street Journal reported on some updated numbers from PayPal as well – we’ve just raised our 2011 Mobile Total Payments Volume (TPV) projections to $3 billion. 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. We first predicted $1.5 billion in 2011 mobile payments volume. At our
analyst day in February, we upped that to $2 billion and just a few months later, we have now added another billion to that number.
We’re thrilled by this news, and by other numbers we’ve seen climb in the past few months. We’re now seeing up to $10 million in mobile TPV a day – a big increase from the $6 million we reported in March.  And we currently have eight million customers who are regularly making purchases on their mobile phones, up from a previously reported six million users.
While the rapid growth has been a (pleasant) surprise, 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.

–Laura Chambers, Senior Director, PayPal Mobile

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