Paypal has transformed your mobile phone into a magic money wand.

Send cash two ways:

1) Text to 729725 (PAYPAL) with the amount and recipient s phone number. Example: send 5 to 4150001234

or 2) Call 1-800-4PAYPAL (1-800-472-9725) and follow the instructions.

You'll have to first activate your phone for the service. (Requires Paypal login)

Paypal also is unrolling a Text to Buy service. If you see the code on a poster, on TV, at an event, you can just order it by texting.

A new era of easy purchasing is upon us. Can't wait to see what scams will follow. Hope there's good identity verification, otherwise losing your cellphone could get a whole lot more hirsute.

Mobile Paypal [PayPal via Lifehacker]