The mobile payments space is white-hot with the likes of Square, BrainTree, Visa ( V) and MasterCard ( MA) all jockeying for position.

Piper Jaffray analyst Gene Munster noted eBay is likely to see its share of attention.

"We expect that the awareness and optimism around mobile payments is likely to continue to increase over the next two years, and despite questions about how and to what extent PayPal will participate, shares of EBAY will likely get caught up in the positive attention," Munster wrote. He rates eBay overweight with a $60 price target.

As the mobile payments story continues to play out over the next few years, PayPal is poised to capture more volume and increase market share. Active accounts grew 14% this quarter, up from 13% in the prior quarter.

Munster noted that it's still hard to predict when mobile payments will add incremental growth; he believes it's likely to happen in late 2013 or 2014 as the space continues to take form and shape.

It's become clear that PayPal is the major growth driver for eBay and will likely continue to be so as the mobile payment space continues to take space. With eBay shares up 66.07% year to date, it's not hard to see PayPal eventually overtaking eBay's Marketplaces as the leading revenue generator for eBay in the next couple of quarters.

That's a move you can take to the digital bank.

Interested in more on eBay? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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