Paymo partners with hi5, one of the world’s largest and fastest growing social entertainment sites, to use mobile payments for virtual goods. Consumers in 24 countries can now use their mobile phones to purchase hi5 Coins, hi5’s virtual currency, which is redeemable for gifts and premium content on the hi5 site. Countries where Paymo will be made available to hi5 users include the U.S., Canada, France, Hong Kong, Thailand, Russia and Colombia.

In case you aren’t familiar, Paymo allows people to buy digital items such as virtual goods, Online games and applications for social networks securely via their mobile phones. Consumers don’t need a credit card, bank account, or to register in order to use the service. All that is necessary is for someone to enter their mobile phone number and reply to a text message in order to make a purchase.

For consumers – Paymo provides an easy, fast and safe way to pay online. You don’t need a credit card, or a bank account. You don’t need to register. Simply by entering your mobile phone number and replying to a text message you can make a purchase. The charges are deducted from your pre-paid balance or appear on your monthly cell phone bill.

For merchants – Paymo can dramatically increase revenues, allowing hundreds of millions of new customers who do not have or do not want to use a credit card to buy products and services online. Paymo handles all the user billing, provides a simple electronic confirmation of the purchase and settles in the merchant’s chosen currency. More than 70 percent of the online community worldwide does not own a credit card. Paymo extends e-commerce to this massive audience of consumers.

“Today’s online users want convenience and 3 billion people have a mobile phone in their pocket. For partners like hi5 we enable monetization of millions of new consumers who either don’t have a credit card or a bank account or simply prefer the convenience of paying with their mobile phone.” said Paul McGuire, founder and CEO of Paymo.

Paymo opens the world of online commerce to these people, offering them the ability to buy online and pay using their mobile phone. Paymo simplifies and streamlines the e-commerce process for digital items such as virtual goods, online games and applications for social networks and mobile devices.