deciding how to split past and current bills such as taxi fares or restaurant bills. BillMonk calculates how much you owe (or are owed) and then lets you pay online or by mobile phone through parent company obopay's payment services. With obopay, BillMonk users can record bills on their account immediately after getting them by sending a text message to BillMonk. This feature will save those of us who loose receipts or forget how much we owe even before the night is over.Mobile (and online) payment integration is the killer app and differentiating feature for BillMonk, as competitor Buxfer lacks any type of payment tools and Wesabe does not have a mobile payment option. Both competitors offer a product more in tune with Quicken that helps you to understand how you spend your money through trend analysis and data visuals.

BillMonk focuses solely on helping you pay and receive money from friends and settling informal debts. In addition to monetary debts, Billmonk can track things you borrow or loan to friends like a movie or a jacket even. A useful tool, BillMonk also enjoys being one of the first companies to tap the $103 billion market of social money traded each year. BillMonk has a Facebook application in addition to its mobile and browser products.