image thumb320 Mobile Micro Payments Startup Paymo Launches its Service

Paymo, a San Francisco, California-based mobile payment service that allows users to buy virtual gifts on social networks from their mobile devices, has now been launched in 40 countries. After making a purchase via Paymo, users get a confirmation message and the costs are bundled together with their mobile phone bill. The company focuses on micro-payments usually in the south of $10 and intends to make money by charging a comission of 5-10% on every transaction. Paymo raised $5 million in August from undisclosed investors.