eBay (NSDQ: EBAY) used its annual shareholder meeting today to lay out plans for its PayPal division, which includes pushing heavily into mobile. We knew this was coming based on a report from Monday, but today, the company provided a bit more details. Speaking to analysts, PayPal President Scott Thompson said PayPal is expected to double over the next three years, processing between $100 billion and $120 billion in annual payments by 2011, reports AP. The news pushed eBay’s shares up 39 cents, or 3.6 percent, to $11.49 in afternoon trading.
The growth will be driven by encouraging eBay users to use PayPal, but also by handling more mobile transactions and payments. Its newest partnership with Blackberry to handle the billing for its application store probably won’t hurt. Today, PayPal has about 70 million active users, and processed $60 million in transactions in 2008. PayPal reported $2.4 billion in revenues in 2008, and if it achieves its goals, will report a projected $4 to $5 billion in revenue by 2011.