PayPal projects $3B in mobile payments this year

PayPal has revised its projected 2011 revenue for mobile payments for a third time this year to $3 billion. Earlier projections from the company pegged mobile revenue at $1.5 billion and then $2 billion.
“Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006,” Laura Chambers, senior director of PayPal Mobile, wrote in a blog post.
PayPal is now managing up to $10 million in mobile total payments volume every day, she noted, adding that it’s up considerably from the $6 million PayPal reported in March. Around 8 million customers are regularly making purchases on their mobile phones now and merchants are seeing sales of up to 37% when they use PayPal’s mobile products.
“We’re thrilled by this news, and by other numbers we’ve seen climb in the past few months,” Chambers wrote. “While the rapid growth has been a (pleasant) surprise, we aren’t surprised.”