This Spanish app lets cellphone users send and receive money with only a message, without even requiring the use of an account number.

Yapp Money is an application developed by Yaap, an alliance between Spain’s CaixaBank, Banco Santander and Telefónica. It lets users send and receive money between cellphones by just sending a message. They don’t even have to reveal their account numbers or possess the account information of whoever is receiving the money.

While this is not the first app for making payments via cellphones, this Spanish app lets users make a payment with just the recipient’s phone number or their user name on a social network like Facebook or Twitter.

The initial limit on transactions is €1,000. The service is currently available on the iOS and Android platforms. It lets individuals make small payments to each other in order to borrow or repay money.

Getting set up to use this service is very simple and intuitive. Users create an account and add their credit or debit card information. That’s all you have to do in order to start sending money to any of the people on your phone’s contact list.

In addition to sending and receiving funds, Yaap Money lets users ask any of a person’s followers on social networks if they can borrow money, and it’s all carried out easily from the app’s notification panel.

A recipient of Yaap Money will receive a message advising him or her that there is an incoming payment, which can only be claimed if they subscribe to the service.

The app functions as an intermediary, topping up the money that’s available so subscribers can use it as they like. The same is true of recipients: they can decide to keep funds in their Yaap Money account or apply it back to their credit or debit card.