Chris Pirillo posted a link to a new service that allows you to send money via text messaging. I signed up for PayPal back when it was X.com bank and received $5 in my account just for signing up. There is now an even faster way to send and receive cash securely with your mobile phone and a text message, where you even get $5 just for signing up. Now that I have unlimited text messaging with T-Mobile’s cool new $10 family plan I can see using this to send money to people I owe for things like dinner bills and other minor transactions since I rarely carry actual cash. If this new TextPayMe service sounds cool to you then I would like to request that you use my referral link since I could also win a Xbox 360 if 36 people sign up. I signed up using Chris’ referral because there is absolutely nothing to lose and you get $5 added to your account for free.
I wonder if people will start using this to pay for items on ebay or Craigslist? I think Craigslist payments would make more sense since you could meet someone to purchase the item and make the TextPayMe transaction right there.
I was a bit worried about the security aspect, but after going through the tutorial I saw that they confirm each transaction with a PIN that you create before the transaction is final so it is like using the ATM machine. As cell phones and text messaging become more and more popular I can see this really taking off. Shoot, I’ll have to tell my wife about it as she could even take payments for her candle orders via text messaging and save the hassle of writing checks or filling out forms with debit card information.