Status
Acquired by Amazon on 2006
Funding Received
$0 in 1 Round from 1 Investor
Founded:
December 1, 2005
Headquarters:
Redmond, WA
Description:
TextPayMe is an SMS payment service that allows users to send money to others using text messages.
Founders:
Gerald Yuen, CJ Huang, Philip Yuen
Categories:
Messaging
Website:
http://www.textpayme.com

Detailed Description

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Founded in 2005, TextPayMe is an SMS payment service that lets you send money to other people using cell phone text messaging. TextPayMe lets you send money to anyone else in the US with an SMS-capable cell phone, and while phone carriers may charge for the actual text message sent/received, sending and receiving money is free while TextPayMe remains in Beta.

In July 2006, the TextPayMe team started working for Amazon and, as of 2011, the site redirects to an Amazon's mobile payment website. There was no press release related to this event but it's assumed the company was acquired.

Sending and receiving payments through TextPayMe is easy: simply write a text message to [email protected] with "pay amount phonenumber" in the body (i.e. to send $5 to 123-456-7890, text "pay 5 1234567890"). The service is secure as well, as each payment needs to be confirmed by a user-created PIN. To fund your transactions, TextPayMe lets you add money directly from your bank account and now also lets you link your credit card as well. Currently, the maximum amount that can be sent or received per month is $500.

TextPayMe's service is both useful and easy-to-use. However, the company's future success is directly dependent on how well they can compete with other rivals such as KushCash, Obopay, and the formidable Paypal Mobile.

Current Team (3)

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Funding Rounds (1) - $0.00

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Products (1)

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  • J6ndmvl2gigvkgw2uj1x

    TextPayMe

    TextPayMe is an SMS payment service that allows users to send money to others using text messages.

Investors (1)

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  • 53204721d16c944526ae033cd8cb17c2

    Y Combinator

    Y Combinator is a seed accelerator that provides financing services and business consulting to...

Offices/Locations (1)

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  • Office

    Redmond, WA

    USA

Competitors (5)

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  • 410da54896f92535fc86a243f7c9db6c

    mBlox

    mBlox offers mobile marketing and engagement solutions that help brands reach customers via SMS...
  • 6287640d095658bb51de91a3349c60c3

    Mpayy

    Mpayy is a multichannel payment processor for individuals and e-commerce retailers.
  • Cbbea0dfa4dd0e14d31f3f912916ce64

    rahmine

    PayPal is an online payment gateway providing users a method to pay and get paid across the...
  • 9138c69087443a0c82d7e8a134e3926f

    obopay

    Obopay is a mobile application that allows consumers and businesses to purchase, pay, and...
  • 1f74e5f55e7c89fe6bf30660d03a00ce

    KushCash

    KushCash is a payment system that allows users to make cash transactions from anywhere via mobile...

News (4)

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