PayPal, the world's leading provider of online payment services has announced the launch of the PayPal Mobile, confirming the rumors that have been circulating over the Internet. The new service will allow users to make financial transfers and purchases using the mobile phones instead of having to go online.

One of the features offered, called "Text to Buy", will enable users to buy items like CDs, DVDs, books, electronics, and accessories via text messages. The consumer must first activate his phone for PayPal, which requires the setting of a secure personal information number (PIN) and the confirmation of the phone ownership. Then, the user can choose any advertised "Text to Buy" product and send the item's code via SMS. After receiving the confirmation call all he has to do is wait for the shipment.

The transfer of money will be equally easy, requiring only a text message with the amount to be transferred and the recipient's phone number. And likewise, the prior activation of the phone and the subsequent confirmation of the transaction are required.

For the moment, PayPal Mobile is available only to US, Canada and UK residents, but PayPal plans to support more countries in the upcoming months.