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Your Take: Would You Accept Cellphone Payments?

There was an article in the New York Times [3] yesterday about a bunch of new startups offering cell phone payment systems. They talked about PayPal, Intuit, VeriFone, and Square and how each of their systems let you collect payments, whether from friends or customers, through systems integrated with your cell phone.

For businesses, this is great. I love the case of Joe Mangrum [4], a fantastic artist, accepting payments with his cell phone. It’d be impossible for him to accept credit card payments without a huge financial overhead. Cell phone payments are a boon for folks like him.

But what about the rest of us? The article talks about how these services would be great to collect money from your deadbeat friends. How many times have you been in those situations? Do you really want to pay $13 a month and a transaction fee usually around 3%?

I wouldn’t. Would you? What do you think about these payment systems?

(Photo: scelera [5])