Textpayme.com - Make and receive payments from your cell phone.

Textpayme.com is a service that enables you to make payments using text messages, so that if you suddenly remember you need to pay a bill or want to make a transaction for a Craigslist posting, you can do it instantly. You simply enter “Pay” and the amount, and the phone number of the person you´re rendering payment to. Then your receive a phonecall confirming the payment, and you enter a pin to authorize it. Then you receive a confirmation text saying that the payment has been processed. You can request a payment from a buyer or a debtor using texts.

“With TextPayMe, you can send a payment to anybody, anytime, anywhere simply by using your mobile phone.

The site offers a simple and convenient way to make transactions, allowing you to stop issuing “IOUs” and just take care of debts on the spot. Additionally it will make online auction payments (and refunds especially) much simpler and faster. If it is proven to be as secure and reliable as online transactions, it might be the next big thing for those who buy and sell products online.

How is the company going to stand up to all-encompassing money management services which also allow text message transactions and provide additional features as well (such as Buxfer.com)? And Paypal mobile has also launched; Paypal has the advantage of being a better-known name and already trustworthy. We´ll see how Textpayme manages to compete with these giants.