Friday, February 24, 2006

The new PayPal

There is a new kid on the block called PayTextMe that lets you do PayPal style transactions with a mobile phone using SMS Text messages. But the thing that really impressed me was their Go-To Market Plan:
  • Since, PayPal is their obvious big brother, they advertise using PayTextMe for your craigslist transactions (eat that EBay!)
  • They give you $5 just to sign up. This part reminds me of the dot-com boom days. But then there is a X-Box give away if you sign up 36 friends. Now that is cool viral marketing.
  • I learnt of them through my co-worker (Vishal) who noticed them on Craigslist.
So here are some ideas for others who want to copy-and-extend from yours truly:
  • Do a 3Bubbles on PayTextMe by allowing people to send and receive money in realtime while reading a blog or conversing in an IM. Why do I have to go to my PayPal account just to send money? (Answer: Authentication. But that can be done as a post-step with authorization via email or cell phone.)
  • Work out a deal with Cell Phone giants to offer this as a service. The Telco giants are desparate to make money with anything other than voice.
  • Figure out a way to combine this technology with RFID and/or biometrics
Just food for thought.

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