PayPal has launched a new text message-based service allowing consumers in the U.S. and Canada to send money, purchase items or donate funds via their mobile telephones. The new “PayPal Mobile” service is PIN-protected with financial information stored on PayPal’s secure servers. Users simply register their mobile telephone numbers. Using PayPal Mobile’s “Text to Buy” service, consumers can purchase things instantly by sending product codes via text message. PayPal Mobile also enables users to “Text to Give” to charities. PayPal does not charge to send money by phone or to receive money into a PayPal Personal account. However, “PayPal Premier” or “Business” accounts are charged the standard rates for receiving payments. The “PayPal Mobile” services was piloted among employees for six months. PayPal currently has 106 million accounts, passing the 100 million milestone in mid-February. During the fourth quarter, PayPal handled 139.7 million payments. For more information visit: “https://www.paypal.com/mobile”:https://www.paypal.com/mobile.