TextPayMe new text messaging-based service for sending money using mobile phones

[mandy]

Earlier this month, TextPayMe announced a new text messaging-based service for sending money using mobile phones. The company says it supports deposits from electronic bank transfers or credit cards and supports withdrawals via wire transfer or mailed checks.

TextPayMe is an innovative service that allows users to send money using text messaging. Users can send a payment simply by entering the recipient's cell phone number or alias and the amount they wish to send. The transaction is instantaneous.

full article: http://www.paymentsnews.com/2005/12/text...annou.html

From the TextPayMe web site:

TextPayMe was founded with the mission of providing the most convenient, fast, and secure mobile payment services. You no longer need to be in front of your PC to send payments. Checks and cash are obsolete. To make a payment: take out your mobile phone, send a text message, and answer a phone call. That's it. It's that simple.

Our mobile payment solution works with any phone that can send text messages. There are no additional applications to install. Our service allows users to send money to other users that are across all major carriers in the United States.

Fee schedule:

Signup
Signup for a TextPayMe Account Free

Send or Receive
Send Money Free during Beta
Receive Money Free

Deposit
Deposit Funds through Bank Account Free
Deposit Funds through Credit Card Free during Beta ($0.15 + 1.35 %)

Withdrawal
Withdraw Funds to Bank Account Free
Withdraw through Paper Check $0.50  (first 5 free)

Auto Debit
Auto Debit from Credit Card Free during Beta ($0.15 + 1.35 %)

TextPayMe web site: https://www.textpayme.com/us/secure/index.tpm
TextPayMe blog: http://textpayme.blogspot.com/

The company is advertising its service as a way to pay on Craigslist

[regic]

The company is advertising its service as a way to pay on Craigslist

It would be good for face to face transactions in dark alleys.