Pay, Pal - Netted
Article • August 3, 2010

Pay, Pal

A Mobile App That Allows You To Pay (And Be Paid) By Text Message

Money, they say, makes world go around.  But cash can be elusive.

For those moments when you’re light on paper, there’s Venmo, a mobile service that allows you to charge or pay your friends securely via SMS.

Start by setting up a free account and adding your cell phone number (Venmo requires that you link your account with Facebook for security purposes).

From there, you can either top off your account with funds from a bank account or link a credit card for payments (and received funds). Venmo allows you to select “trusted friends” with verified identities that will link to your account.

This means the next time you’re out on the town and owe some money, simply text VENMO “pay mike 50 for drinks,” and the funds will be transferred to your friends’ account. You can also charge and invite people to the service over SMS.

The service is completely free, and all transactions can be cancelled within 24 hours, if need be.

At this rate your ATM card is going to start feeling very unloved.