[via Payments News] John Cook writes:

Text Pay Me Chief Executive Philip Yuen…spent some time talking about how Text Pay Me is trying to compete against PayPal, the 800 pound gorilla that introduced its mobile payment technology in March.

“The way we see ourselves being different is being more open with users,” said Yuen, who declined to say when the service would officially go live. “We take the cue from our users… We have a better pulse of where our users want to be and we are going to use that to our advantage.”

By being nimble, Yuen said the 3-person company hopes to evaluate emerging business models and quickly implement them before the competition arrives. One of the ideas that has been discussed is a business that allows people to conduct mobile payments among friends for free, with a transaction charge occurring if a payment is sent outside that social network. He also said the company has been toying with the idea of subscriptions and possible partnerships with financial institutions.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.