I think PayPal’s Cell Phone payment via text message is a smart move and simply an evolution of using a basic tool that so many people have (cell phones). Will this be of huge use for small businesses? Maybe, but I think we’ll still use PayPal for online payments for the most part and for some time, I suspect earlier adopetrs will be the primary users of the new cell phone payment service.
PC Magazine writes 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. On the PayPal Web site, the company uses the example: “Send 5 to 4150001234”.
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 Web site shows a second option where the customer calls 1-800-4PAYPAL, enters a secret PIN, the amount of the transfer and the phone number where the payment is to be sent.
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