According to a post written by PayPal Shopping Specialist Claudia Lombana on the company's blog, PayPal is continuing to see huge increases in mobile payment volume (MPV) versus last year. The company said that as of 11 a.m. PST on Cyber Monday it had seen an increase of 514 percent over last year's Cyber Monday MPV.

Lombana said the company will release full Cyber Monday data today; however, according to the data available from early yesterday, there was a six percent increase in global MPV compared to the same time period just three days prior on Black Friday. Total mobile payment volume on that day went on to post a six-fold (516 percent) increase over Black Friday from the previous year.

UPDATE: PayPal released full numbers for MPV on Cyber Monday 2011 and the initial trend held through the entire day. According to the company, MPV increased 552 percent versus Cyber Monday 2010.

Additionally, PayPal reported a four-fold (397%) increase in the number of Cyber Monday shoppers using PayPal Mobile.

For its part, PayPal's parent company eBay Inc. reported Cyber Monday customers spent two and a half times more through eBay Mobile versus last year.

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