eBay Inc.’s earnings yesterday showcased PayPal‘s rise as the most vibrant aspect of the company. eBay touted PayPal during its earnings call, and the forecasts it has for PayPal indicate just how hot is the payments unit. 

Here’s a fine, brief review from an investment advisory Media Tech Analyst:

PayPal continues to be the key focus of management’s attention and the unit continues to work driven by the merchant services business. The unit has proven to be the best acquisition eBay has made and it gets us thinking that management should rename the company eBay PayPal. PayPal has done an effective job at leveraging its more than nine-million merchants and over 90 million active accounts, which are expected to grow to 130 million by 2013, increasing its penetration on eBay, adding merchants, integrating Bill Me Later, and expanding internationally, while warding off competitive threats, to-date.

Despite widely-speculated competitive threats from upcoming payment systems from Facebook as well as from Apple (AAPL), and a regulatory overhang, management believes that PayPal’s revenues could double by 2013. That growth will be powered by international growth, increasing eBay penetration to 75% from 69% today; new initiatives with credit growing revenues in the 40% range; and merchant coverage market share increasing to upwards of 24% from 18% today.

“eBay PayPay,” I like it.