PayPal has doubled its projection for mobile payments growth, now estimating total payment volume for mobile transactions will reach $3 billion this year.
Originally, the company had predicted mobile payments would reach $1.5 billion. In February, PayPal upped its estimate to $2 billion.
The latest projection comes on the heels of a prediction by Forrester Research that mobile commerce will be a $6 billion market in 2011, reaching $31 billion within five years.
"Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006," blogs Laura Chambers, senior director of mobile at PayPal.
Chambers notes that PayPal regularly processes up to $10 million in mobile payments a day, up from $6 million in March.
While mobile is an exciting and fast-growing segment of PayPal's business—and one of the few areas where parent company eBay is still considered an innovator—it remains relatively small. PayPal's net total payment volume in 2010 was nearly $92 billion.
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Auctiva staff writers constantly monitor trends and best practices of those selling on eBay and elsewhere online. They attend relevant training seminars and trade shows and regularly discuss the market with PowerSellers and other market experts.