I'm surprised PayPal hasn't developed this yet. I suspect your service provider will start to offer credit card like services when m-commerce applications arrive.
TextPayMe, a revolutionary new mobile payment solution
Now entering its public beta phase of testing, TextPayMe is a revolutionary new service that allows users to send money via text messaging.
To deliver a payment, a user simply enters the amount he or she wishes to send and the recipient's cell phone number (or personal alias) -- the transaction is instantaneous.
TextPayMe marks a revolution in the mobile payment industry. By providing a convenient and secure solution that works with virtually every mobile phone model across all major carriers in the United States, TextPayMe allows customers to start instantly -- without having to install applications or wait for cumbersome downloads.
The fees don't see too unreasonable either.
What do you think?