Mpayy, a company based here in Chicago, hopes to succeed where other online payment systems have failed. Like PayPal, it’s a closed payment system: buyers and sellers both have to have accounts with the company. But unlike PayPal, Mpayy lets you do mobile payments. You can pay (or get paid) via your phone or handheld device. And the company claims you don’t experience the delays in processing that you do with PayPal. They are the first payment company to get a “widget” approved for MySpace. This allows singers and other content providers to get paid for their work instantly. The founder, Conrad Sheehan, is a former vice-president with J.P. Morgan, so he knows about the traditional world of banking. Find out more about MPayy here.