Not many companies are doubling their business estimates for the next year, but PayPal has done just that by projecting a 100 percent upside for mobile payments. It pushed the gas even harder this week by saying it plans to offer near-field communications-based mobile payments. Near-field communications is a short-range wireless connectivity standard that enable communication between devices that are brought within a few centimeters of each other.

PayPal's new technology was demonstrated Wednesday at the MobileBeat 2011 conference in San Francisco by Laura Chambers, PayPal’s senior director of mobile. An NFC Android widget will be used to transfer money between PayPal accounts by tapping together two Nexus S phones. Chambers told attendees the widget should be available later this summer.

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