Technorati tags: TextPayMe, Pay with mobile, pay with text messages, mobile sms payment, mobile payments 

 

Now its simple to pay your friends with your mobile with just a text message. TextPayMe allows you to send and recieve money on your mobile.

You can also use TextPayMe you to buy and sell on Craiglist. Infact with TextPayMe you can pay anybody, anytime, anywhere simply by using your mobile phone.

This is similar in services to the virtual banking that Paypal offers people online just this takes it a level further to the mobile phones. You can also use your credit card to pay people with TextPayMe.

 

I still can't say whether the level of security is as good as that the web offers but still this quite offers the conviniece of issuing a cheque or paying by cash, quite like PayPal today is virtual money unless you cash it out. 

 

The payer's mobile will have to be registered with TextPayMe to make payments with their mobiles, also If you are a reciever of the payment from TextPayMe you again have to sign up if you are not already.

After signing up you can either send money to others and also withdraw the same to your bank account, you can also withdraw using paper cheque of which first 5 cheques are free and after that you have to pay $0.50 per cheque.

Sending and recieving money is free during the beta stages. For credit card no fees will be assesed for the first $200 deposisted, after that you will have to pay $0.15 + 1.35% of the amount you deposit.

Other than that you may also have to pay for the text messaging fees levied by your provider for sending and / or recieving messages.

There is also a restriction currently on the amount of money you can send and recieve per month, $500 is the max amount you can send, recieve per month for now.

 

TextPayMe is currently avialable to subscribers in the United States only. Here is a quick view on how you can easily use TextPayMe to make payments.

 

 

What you can use TextPayMe for:

 

No more verbal IOUs!- Split your restaurant bills right then and there!
- Pay your team or club dues anywhere and anytime
- Pitch in real money instead of IOUs for a shared gift
- Settle your roommate's rent and utility bills on the spot

To make a payment, simply text:
PAY <amount> <phone number>

 

Link Source: Momb