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PayPal Sees Increase in Mobile Payments

PayPal's projected increase is a sign that mobile payments are taking off with consumers, a promising portent for a growing field already jostling with competitors.

"Every week when I look at the numbers, I get a sense of surprise," said Laura Chambers, PayPal's head of mobile.

PayPal said its $3 billion mobile payment prediction can be broken into two groups. The first is person-to-person payment transfers, which the company doesn't profit from unless the payment crosses national borders. The other is person-to-company money transfers for goods purchased from online retailers, transactions the company does profit from.

The Internet payment service, which accounts for eight million mobile users, said it sees up to $10 million transfer a day through its network, up from $6 million in March.

PayPal, which is owned by eBay, is the dominant payment service on the Web, but faces stiff competition from several new services in the mobile field. Last month, Google announced its Google Wallet service , which allows people to purchase items by tapping or swiping their Android smartphones in front of a merchant's payment reader. The payment service uses near-field communication, or NFC, technology.

MasterCard, Citigroup, First Data and Sprint plans to support Google Wallet. For payment security, the service will use a phone lock, Google PIN and credit card encryption, and never fully display a users' credit card number. The service will debut in New York, San Francisco and Portland this summer.

Arguably one of the biggest competitors in the mobile payments field is Isis , a joint venture from AT&T, T-Mobile and Verizon. Isis is similar to Google Wallet in that it uses NFC to turn smartphones into e-wallets, allowing users to pay for items both online and off. Users simply swipe their device in front of a NFC machine and the charge appears on their monthly phone bill.

Startup company Square is another major player in the mobile payments field. Founded by Twitter co-founder Jack Dorsey and Jim McKelvey, with the backing of Visa, Square uses a small dongle that attaches to an iPhone or iPad, letting merchants swipe credit cards, as well as process credit card transactions, turning phones into credit card readers.

Companies are trying to stay a leg up on the competition, and fighting fiercely to rise to the top. PayPal sued Google for allegedly stealing trade secrets a day after the search giant unveiled its Wallet service. The suit claims Google poached two PayPal employees, Osama Bedier and Stephanie Tilenius, in order to learn rival secrets.

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