Will That Be Creidt, Debit, or Cell Phone?
May 12th, 2006 by Grant in: Banking
An interesting revolution is upon us that may just make credit cards a thing of the past. PayPal has launched their mobile payment system, allowing PayPal members to make payments, transfers and donations from their cell phone.
After registering your cell phone number with PayPal, and thereby linking your phone with your PayPal account, you can wire money from your credit card or checking account to any existing PayPal account.
Just text “Send 20 to [friends cell phone number]” to 729725 and you transfer $20 to that friend.
After you send the transaction, PayPal will call you to verify a PIN, and then complete the transaction.
It’s an interesting concept, and one that I believe will morph the way we handle financial transactions. I envision this as being useful to split a bar tab with a buddy, or make small purchases from online sites like Craigslist.com.
I can also see it becoming an unfortunate burden on those who already have lost the value of the dollar through plastic.
Leave comments
Subscribe to Comments
Loading ...
