PayPal Mobile soft launches

Mar 22 2006 - 12:06 PM ET | SMS

PayPal has quietly launched a new mobile enabled version of its fund trading service (we hinted it was coming last month). Customers must first activate the mobile component of PayPal by heading online. After that you'll be able to send money and check your account status by texting 729725 (PAYPAL).

Security is obviously an issue, but every transaction with PayPal Mobile requires a PIN that you set up when activating the mobile features. PayPal will also come back and ask for confirmation via an automated call for each transaction. During the sign up process PayPal will call the phone number you set up to make sure it's you. It's automated and you need to input your PIN and if it matches what you put online your account will be activated.

There has been no official announcement yet and it appears things are still changing and slightly buggy (we had to hunt around a bit to find the right place to sign up). Currently the service is only for customers in the US, Canada or UK.

[via PSFK]

From the website:

PayPal mobile allows you to:

send payments receive notifications of the receipt of payments access account details carry out other payment related services as may be advised to you from time to time

Send a text message to PAYPAL (729725) with the desired amount and the phone number to send it to. For example, to send $10.00 USD to the phone number 4150001234, text:

Send 10 to 4150001234.