Wow, is this service long overdue or what? TextPayMe is a PayPal-like service that allows you to send and receive money by simply using SMS over your mobile device. Even better, they are currently giving anyone who signs up a free $5.00 deposit into their TextPayMe account. Here are a few of the suggestions they offer for using the service:

• Split restaurant bills on the spot
• Settle your roommate’s rent and utility bill from wherever
• Pitch in real money for a split gift rather than an IOU

We will definitely be giving this one a spin. Having the ability to do this from wherever you are using your mobile phone works a lot better than having to sign in to Paypal from where we stand. If you sign up soon, you can qualify to be in the running to win a free Xbox 360. An Xbox 360, plus an additional five bucks for free? What’s not to like?

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