Internet connected TVs are becoming a pretty big deal with all of the services like Netflix and Google TV hitting living rooms worldwide. Paypal is looking to capitalize on this by working with Canoe Ventures, Catalina Marketing, Delivery Agent, FouthWall Media and icueTV to develop a Television commerce (T-commerce) solution for internet connected TVs.

The premise outlined by Osama Bedler, Paypal's VP of platform for mobile and new ventures, is fairly simple: see it on TV, perform a couple clicks with your remote, and the purchase is done via your Paypal account. This will basically turn Paypal into a digital wallet you can access anywhere you can get internet connectivity. It's a great idea, but I can see a lot of people getting into some financial trouble during late night infomercial watching. Sales of Slap Chops and Mighty Putty will go through the roof!