London, England September 17, 2006 –

Leading mobile entertainment and solutions provider Mowave has launched a new mobile service with PayPal that will allow readers of Maxim and Stuff magazines to purchase a range of products, such as subscriptions and electronics, simply by sending a text message from their mobile phone.

The service, which utilizes PayPal’s new “Text to Buy” platform, marks the first time that UK publications have implemented a mobile payment system to process subscriptions or purchases of goods.

Giles Richter, CEO of Mowave, the mobile enabler for Maxim Magazine and Stuff, says:

“Media brands are already using mobile successfully to sell digital content. Now, with “Text to Buy,” they can also offer real world products, anywhere, anytime, through a trusted and convenient payment system.”

“So often, readers see products in magazines that they really like and would like to buy, but because there is no easy path to purchase, they just give up or forget about it.   Now, if they have a PayPal account, all they have to do is text a keyword, confirm the purchase, and wait for the product to arrive at their home.”

PayPal “Text to Buy” is now available to mobile phone users across the UK.

Roy Vella Head of Mobile for PayPal Europe says:

"We have signed up some fantastic launch partners, a clear demonstration that retailers and media-owners are excited about the opportunities that mobile payments offer. PayPal already has over 10 million account-holders in the UK. It is an established financial services brand with a reputation for safety, security and convenience.”

Every PayPal Mobile payment is PIN-protected and backed by PayPal’s state-of-the-art fraud prevention system.  As with all PayPal transactions, financial information is never shared with the recipient.  Each user’s financial information is stored on PayPal’s secure servers, not on the mobile telephone, so even if the telephone is lost or stolen, the user’s PayPal account remains secure.

Andy Schachtel, President of Mowave, adds:

“The mobile phone is the perfect companion to print media. Readers will always have a mobile close by while they’re leafing through a magazine and the phone can immediately connect the printed page to the wider digital universe in a very personal way.  This service is an important step in introducing consumers to the potential of mobile commerce.”

About PayPal (Europe) Ltd