PayPal Inc. is pushing to expand its use of mobile wallet services as it stakes out turf in the mobile payments industry.
The eBay Inc. subsidiary expects payments volume on mobile devices using PayPal's service to more than double this year, surpassing $2 billion, Sam Shrauger, vice president of global products and experience, said during a presentation Thursday at eBay's analyst and investors day. John Donahoe, the president and chief executive of eBay, said he expects the PayPal business to become bigger than eBay in the next three to five years.
"We can do for mobile payments exactly what we did for online payments," Shrauger said, adding that the company's connections to payment networks, banks, merchants and consumers can harmonize all the "disconnected systems" needed to facilitate mobile payments.
Shrauger and other executives did not specify what PayPal's plans are for facilitating mobile payments.
Shrauger cited "myriad … standards out there" but said "we know how to fix that complexity. Having one technology is not the answer. Having one digital wallet in the cloud is the answer."
