Paypal (and all other major payment players) began beta testing the mobilepay apps years ago in specific markets. PayPal was among the first to publicise their intended use of QR code based mobile payments. I personally have not checked recently as to whether they have formally launched their payment app. A year ago I had essentially lumped them into a group I foresaw as awaiting progressive rollouts (and additional industry enablers) across the payments industry.
The fact PayPal launched their first ever TV commercial during the Super Bowl (tied to the future of money) should have ears ringing