Pros
Transfers money nearly instantly between friends and family. Provides the same high-level security found in other PayPal services (PayPal Purchase Protection). Free.
Cons
App doesn't automatically log out the user. Can't add bank accounts from the mobile app. Very limited selection of businesses that accept payments. SMS verification failed in testing.
Bottom Line
The PayPal iPhone app theoretically lets you pay for goods and services at local shops, sans physical wallet, but too few retailers accept PayPal mobile to make it worthwhile. It's only good for transferring money among friends, for the moment.
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