Paymo lets you buy social-network knickknacks on your phone
San Francisco-based Paymo just launched its mobile payment service, allowing users to buy virtual gifts on social networks via their cell phones. What’s more, these costs are folded into their phone bills. The service is now live in 40 countries.
When users make a purchase, Paymo sends them a confirmation text message. It focuses on micro-payments of $10 or less. The launch was funded by $5 million received in August from undisclosed angel investors. Paymo makes money by skimming 5 to 10 percent off each payment. The wireless provider supporting the transaction also gets a cut.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.