Send money with your cell-phone

My friend Derek sent me a referal to a new service similar to PayPal but for your cellular phone which I think will be very popular. TextPayMe is a new service which allows you to send money to a friend using just your cellular phone and a text-message. It works by sending a text-message from your cell to TextPayMe with the recipient's phone number and the amount you want to transfer. You then receive a call asking you to verify the transaction and input your PIN number. Once that is done the money is transferred from your TextPayMe account to theirs instantly. You can either carry a balance with TextPayMe or have it hooked up to your credit-card for a fee.

I think this will be super helpful for splitting up a bill at a restaurant or for gas on road-trips etc. One person can pay and the others simply transfer the money to their TextPayMe account with a simple text-message. I hate carrying bills so this will help me out if it is widely adopted. You also get $5 credit when you sign-up (and I might win an xbox if enough people click the banner to the right or the link above).