I got an email from mypoints advertising obopay.com which is basically a way for you send payment using text messages on cell phones. They'll give you 150 mypoints and $5 debit card to start you off. They also have a referral bonus as well ($5--I remember when paypal first started, it was a $20 bonus but that was another era). Obopay is similar in concept to paypal except that you can send payments using a phone (which is more convenient than email). There is a 10 cent fee to send a payment, but no fee to receive payment. The account is linked to a prepaid MC, and you can use it as a debit card. I couldn't figure out the fees for cash withdrawal from an ATM, but you can always request a check from them for a 10 cent fee.

The FT free miles hook is that currently, they are not charging any fees for uploading money via credit cards (they only take Visa or MC). There is a $200 day limit. It doesn't say how long this promo will last. Looking at the t&c, the regular credit card fee is 2.5% and $0.30 (which is still lower than what paypal charges). You can also load up the account for free from a checking account and again there is a $200/day limit.

The sign-up process requires a social security number. They say that they aren't doing credit inquires, but need this to comply with money-laundering laws. If it wasn't for this, I would have signed up right away, but this does make me hesitate a bit. I'm curious to get the FT perspective on this!