PayPal moves to cell phones

PayPal is planning to offer a money transfer service for cell phones. Called PayPal Mobile, the service will allow users to send payments via text message, or by calling an automated service that will respond to voice commands. To use the text messaging service, users will send messages to 729725 (PAYPAL on a phone keypad), with contents such as "send 5 to [recipient's phone number]." They will then receive a phone call from an automated PayPal service, which will ask them for a secret PIN in order to confirm the transaction. PayPal Mobile will launch in the next couple of weeks in the US, Canada, and United Kingdom. It will compete with the likes of TextPayMe, which already offers a similar text messaging-based service to US residents.
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