Monday AM April 19th, 2010

A new Houston-based company called cMoney allows consumers to send money or pay for goods through cell phones and text messaging. Ed Mayberry reports.

cMoneyC$ — spelled with the letter “C” and a dollar sign — is preparing to launch its mobile technology in the Houston area, and will eventually employ more than 160, plus up to a hundred regional marketing employees. C$’s Jennifer Pharris says the concept could eliminate the need to carry around credit cards.

“It’s a mobile payment technology where it allows consumers to pay for goods and services by using their cellphone. You’re able to transfer money from cellphone to cell phone and take all their credit cards out of their wallet and put them on their phone. The merchant, and even the person they’re sending money to, will not know their credit card number.”

Ed: “Is this a business that’s up and running now, or is it in the development stages? (At) what point are we?”

“The development is completed, but the product will not be available to consumers until this summer.”

Pharris has been working for four years with an Australian technology developer.

“The development of the idea came from when I was in college, and you know like every college student, you know, I needed money. and my parents were always having to take time out of their day to go to the bank and wire me money, and you know, having to pay the high wire fees of the bank, and so I started thinking one day, you know, what is one thing that every person has, and it’s their cell phone. And so I kind of thought wouldn’t it be great if you were able to pay with stuff and receive money with your cell phone.”

When it’s released this summer, the C$ application will enable consumers to download and use it with virtually any mobile device.

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