PayPal Mobile (signup or existing Paypal account required) allows users to make purchases (potentially) anywhere with the text messaging feature on their mobile phone. The trick will be to see how quickly retailers adopt this service. Whenever you see Text to Buy, just SMS away and you’re done.

It’s a great first step towards a true mobile wallet. Eventually the mobile phone manufacturer’s and service providers will recognize what an enormous additional revenue stream such services could provide…in fact, they’re already doing it in Japan and elsewhere.

For more in-depth coverage, check out this article from TechCrunch: PayPal Mobile Launches – And It’s Awesome.