When a group of people dine out together, someone always lacks cash. They forgot to go to the ATM, but they’ll pay you back ASAP. Right.
Funny, though, how people rarely forget their cell phones. Philip Yuen put these two observations together and came up with TextPayMe to let people send money using text messaging.
Ain’t that the truth!
Seems like a pretty good idea, though I don’t expect the company to last very long. As the article points out, PayPal is rumored to be working on something similar. There are already millions upon millions of people using PayPal, and I already have established accounts there – why would I or anyone else use TextPayMe instead? That’s what the company needs to be focusing on. I guess one reason is that the service is currently free, but certainly that can’t last forever.
I don’t think the service is available to us Canadians yet either (sign up form only has states and zip code, no country option).