Report: PayPal to launch mobile payment service

PayPal, the Internet's No.1 online payment service, has plans to launch a new system designed for mobile devices, according to a report in the Wall Street Journal.

The mobile payment service will launch sometime within the year, the WSJ reported on Friday.

The eBay-owned PayPal would allow shoppers to buy from Web storefronts that cater to users of cell phones and Web-enabled handhelds, the paper reported.

Online companies continue to push mobile services and products even while demand has been light. The expectation is that people will want to shop online and surf the Web from increasingly sophisticated cell phones and handhelds.

PayPal launched a service last year that lets people transfer money via text messages.

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