Wired: When a group of people dine out together, someone always lacks cash. They forgot to go to the ATM, but they’ll pay you back ASAP. Right. Funny, though, how people rarely forget their cell phones. Philip Yuen put these two observations together and came up with TextPayMe to let people send money using text messaging.

TextPayMe works much like PayPal – users create an online account and link it to a credit card or bank account. They can use SMS to send up to $500 a month. So handy! I just signed up. They give you $5 just for signing up and you stand a chance to win an XBOX 360!