With Mpayy you can send money by entering the phone number or account nickname you want to pay or send money to. The money will come out of your Mpayy account or from your checking account. If it can come straight from your bank’s checking account this would be pretty good although I could find very little detail on how this works without signing up.
You can access your account, make and receive payments through a few channels; on Mpayy’s website and mobile site, Facebook and MySpace. When you send money it will come right out of your checking account, or your Mpayy balance, and go directly to the recipient’s Mpayy account. Personal account holders can make 100 transactions per rolling 30 days or you can make more by signing up as a merchant. Without signing up and answering very personal questions I couldn’t get much detail about the merchant account. They claim it is 50% cheaper than cards so lets say around 1.5%.
Person to person payments do take 4 days but sending money is free and you actually earn cash back if you buy something over US$50, how they do this I’m not quite sure and couldn’t seem to find out. Each transaction is individually recorded so you can log on and see what transactions have taken place.
Unlink SMS payments, all people who use Mpayy to receive or send money must have an account. At the moment Mpayy don’t really give you many details to potential sign-ups and their website is fairly useless and so I personally think it will struggle until that side of things is fixed. Their Facebook application has only 17 users, which sort of says that this is not a system that you would consider just yet.