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PayPal Saw 310% Increase in Mobile Payments on Black Friday

PayPal appears to be on track to move $700 million in mobile payments this year.

e-Bay-owned PayPal, San Jose, has reported that this past Friday, often called Black Friday because it is traditionally the biggest shopping day of the year for brick and mortar stores, the company experienced a 27 percent increase in total online and mobile payment volume, compared to 2009.

But the more dramatic number is this: the company saw a 310 percent increase in mobile payments. PayPal is continuing strong leadership in the nascent mobile payment space; the company expects to handle more than $700 million in mobile transactions this year. Banks and credit card networks that want to make a claim on mobile payments will want to watch this competitor and sometime partner closely.

PayPal says it processes 16.5 percent of U.S. eCommerce and 15 percent of global eCommerce and that its users have more than 90 million active accounts in 190 markets and 24 currencies around the world.

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