PayPal Mobile: Pay someone via your cell phone

PayPal unleashed their mobile application today, allowing any two people with PayPal accounts to transfer money via a text message. PayPal, predominately used for eBay transactions, is becoming more diverse and more helpful- transfering money between people costs nothing, and it can be linked to any checking account for free. You can also turn your account into a high yield savings account, earning (currently) 4.5% on your balance. Since that beats most savings accounts, leaving money in a PayPal account for easy payments on the fly is becoming more and more handy, and all the downsides are dissapearing quickly.

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