PayPal’s new 2011 estimate for mobile payment processing of $3 billion is twice what the company estimated last year.
The $3 billion is divided into two categories: 1) individuals using Paypal’s mobile app to transfer money to each other, and 2) people completing purchases on mobile online commerce sites.
The PayPal online payments service (owned by eBay) has 8 million users and is processing up to $10 million/day in mobile total payment volume.
PayPal’s competitors include Google Wallet, Square and credit card companies.
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