How will PayPal Mobile affect the wireless carrier billing monopoly?
From Reuters PayPay to offer paying by text message
PayPal , the world's largest supplier of online payment services, is preparing to offer a service for consumers to make purchases or money transfers using simple text messaging via mobile telephones, the company said on Wednesday.
The move to offer a mobile payment service holds out the prospect of reaching vast markets in the developing world where phones, rather than computers, are the main way to connect to the Internet.
When introduced, mobile phone users will be able to send a text message to 729725 (the spelling of PayPal on a numeric handset keypad) with the amount of money the sender wishes to transfer and the recipient's phone number.
A PayPal computer then calls back the text message sender on the phone and asks the user to enter a secret PIN to confirm the transaction. PayPal immediately notifies the recipient and tells it how to claim the payment online.
The mobile commerce application I like is "Text to Buy", and I think will be a huge mobile marketing tool.
One feature, called Text to Buy, would allow magazine readers, for example, to buy advertised items such as clothes, concert tickets or music or movie-video discs using their mobile phones, by sending product codes located in the ads
The service, known as PayPal Mobile, will be launched in the next couple of weeks in the United States, Canada and Britain, a spokeswoman said. Other markets worldwide will follow