TextPayMe: Eliminating the IOU

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.

TextPayMe seems like a logical second act for PayPal, but Yuen sees the services as complimentary.

By Rachel Metz

Full Story: http://wired.com/news/technology/0,70199-0.html?tw=wn_index_4