New Mobile Payment Service Available

TextPayMe announced recently the public beta launch of its new mobile payment service. TextPayMe is an innovative service that allows users to send money using text messaging.

The PayPal-like service allows a debtor to sign up on the website, and once the user has an account, he/she can send money to others via text messaging. After selecting either a credit card or bank account as the source of funds, the user sends an SMS to TextPayMe with a mobile number and dollar amount, and the company either cuts a check or deposits the money in the recipient's bank account.

For security purposes, the service calls you back after you request a transaction and requires PIN verification, and also requires some sort of confirmation on the part of the recipient concerning a security phrase that is sent to him/her.

For now the service seems to be free, although it is unclear what the pricing model will look like once the service leaves beta. TextPayMe is currently available in public beta for all mobile phone users in the United States.