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. You can also purchase anything you see bearing a PayPal Text to Buy label.

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.