PayPal have increased their mobile payments forecast for the third time this year, to $3 billion. This is double the company's intitial forecast of just $1.5 billion. The reason for the increase is a large and unexpected rise in the usage of PayPal's mobile payment service. Laura Chambers, the company's Mobile Senior Director, said in a blog post:
"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."
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