It appears that they take payments in as deposits and then disburse the money when another user requests a withdrawal. This requires either a bank charter or a designation as a money transfer agency. Without one of those, they are running an unlicensed bank. You cannot hold the money as an intermediary in the US without satisfying one of those requirements. I don't see anything on the site about either one of them, but knowing at least a little about the capital requirements needed to get one or both of those I would doubt that they have them. Please correct me if I am wrong, I think mobile payments is an idea who's time is past due but its very difficult to pull off in the US.
I know the guys that make it, and they're solid. Check it out: <a href="http://venmo.com" rel="nofollow">http://venmo.com</a><p>It has been done before, but it hasn't caught on yet in the US. I'm not sure why. It does fine elsewhere - but the configuration is usually through the carrier.
Pretty Cool.<p>But what happens if you don't have a venmo account and you pay the restaurant and then decide when you get home not to create an account? Do they somehow charge you through your phone bill?