PayPal has launched its PayPal Mobile solution for mobile phones. The service enables PayPal customers to make payments to virtually anyone with a phone number.
It's also possible to purchase anything you see bearing a PayPal Text to Buy
label too. This includes just about everything you can think of and it could mean that impulse buying moves to a whole new level.
The service works by sending a text message to PayPal, and then PayPal calls to confirm the transaction. You enter your PIN number and then the person you're paying recieves a call to inform them of how they're able to retrieve their money.
Security is one of PayPal's major concerns, and the company feels that they've locked it down pretty heavily as every transaction is confirmed with a return phone call, with the buyer entering their PIN number. PayPal's stance basically revolves around a No PIN, No Transaction
methodology, meaning that you're safe if you loose your phone, providing your PIN is kept completely separate from your handset.
Do you think PayPal Mobile will be a success in the same way that the online transactions have been thus far? Let us know your thoughts in the forums