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SMS payment service TextPayMe

 
Picture of Dalibor Kunic
SMS payment service TextPayMe
by Dalibor Kunic - Wednesday, 30 August 2006, 6:02 PM
 
Y Combinator, an angel investor firm initiated by experienced software boss Paul Graham, is funding TextPayMe project.

Another interesting use of SMS micropayment. I wonder how far will they go. I didn't study it more closely, but it seems it's very easy to do payments.
Those who recieve payments must be register as well, I presume.
Or I missed something ? Will it work in the long run ?

Please, any thoughts about this project ? What do you think ? What will be when regulators step in ?
Phishing treat luring over mobile phones ?
Would credit card firms step in ? Too many questions.

Could this concept have an equal effect ( if done right ) like PayPal had on e-mail paying scheme worldwide ?
According to their FAQ pages maximum send/ recieve amount is $ 500 a month.
They even figure out how to use *incentives* from the start ( offer of $ 5 for sign up, of chance to win XBox ).

Any thoughts ?
Picture of Alex Taylor
Re: SMS payment service TextPayMe
by Alex Taylor - Thursday, 31 August 2006, 11:00 AM
 
Hi Dalibor

It does look interesting, shame it is only for US residents as I would have liked to try it.

I am working with a company in the UK who are looking at doing something very similar.  I will post more when I can on this.

Alex