TextPayMe is a new payment service to make simple cash payments via cell phone, similar to the way Paypal handles sending payments via email. After signing up for an account, you simply send an SMS message with the text pay 7 2065551212. In my example, pay tells the service you are sending payment, the '7' represents a payment of $7 and the number is the person you are paying. After sending the message, you receive a call, enter a confirmation code and the transaction is complete.
This has some cool potential to fill in a big gap in the service currently available from Paypal. For instance, if you go out to dinner with 19 friends, instead of splitting the bill 20 ways, simply have the other 19 people text one person the money and pay a single bill. Both sender and recipient get a confirmation on the spot, so there's no question the money transfer took place. Even better, TextPayMe puts $5 in your account just for signing up. How often do you get free money.