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PayPal is currently ebay’s second largest business. The auction website is expecting PayPal to double in size in the next few years.

PayPal’s expansion is a welcomed change considering eBay’s stock drop of 80% since 2004.

Speaking Wednesday during a day of briefings for analysts, PayPal President Scott Thompson said the service should double in size in the next three years, processing between $100 billion and $120 billion in annual payments by 2011.

EBay shares jumped 39 cents, 3.6 percent, to $11.49 in afternoon trading.

PayPal, which has 70 million active user accounts, processed $60 billion in transactions in 2008. It runs local sites in 17 languages and accepts 19 currencies for transactions.

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Jeremy

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