A new service in the US, TextPayMe, which is said to rival that of Paypal has been widely covered by western blogs for weeks now.

I think I need not explain how this system works as we already know much about Smart Money, Smart Padala and G-Cash.

TextPayMe is actually giving away $5 for each new subscribers and sending a XBox 360 to people who refer 36 new users of their service.

Yeah, yeah, we’re ahead of them by leaps and years, but we we have enough volume? A commenter named JLP over at PTB says so.

The only other advantage I saw in TextPayMe is they serve across several mobile providers unlike here where exclusivity is a big hindrance. Makes you wonder if these telcos (Smart & Globe) are merely crunching value-added services not for its individual merit and profitability but only to retain or attract more customers to switch over.

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