PayPal expects $1bn payments

Online payments system PayPal said yesterday that $1bn (£631m) in transactions will flow through its developers' platform this year, driven largely by payments made over cellphones. PayPal opened its platform to outside developers last year and has so far attracted 50,000 worldwide. Some 1,000 outside applications have been launched for use on the platform, said PayPal President Scott Thompson, speaking at the second-annual developer conference in San Francisco. Of that $1bn, some $700m is expected to come from mobile payments, said Thompson.