Paypal ups its mobile payment forecasts for 2011

paypalLeading electronic payment service provider, Paypal has once again raised its mobile total payments volume (TPV) projection for 2011 to $3 billion.

The company had increased the forecast from $1.5 billion to $2 billion in February and has now raised the projection to double of the original estimate. Paypal is recording $10 million in mobile TPV per day up from $6 million in March this year, according to Laura Chambers, senior director of PayPal Mobile.

“Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006,” she said. “We’re thrilled by this news.”

The growth is boosted by the increase in user base. The number of customers using mobile payments has increased from six million to eight million.