PayPal has quietly launched a new mobile enabled version of its fund trading service. 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.