Twitter a popular social networking site which helps in connecting with friends, family and stay connected with popular people around the world like Bill Gates and other popular divas like Britney Spears is soon opening its doors to transfer money over the web.
Twitpay a start-up company allows people to send small payments through Twitter. All you need to avail this service is an account in Twitter. You need to include the recipients’ username in the message along with amount which you are willing to transfer. For example, posting the update “@krishnat twitpay $8 for dinner” would deliver the cash to that Twitterer’s Twitpay account. The company tarcks the public stream of messages for the term “twitpay” and helps in the exchange of money. You replenish your Twitpay account using a site like PayPal. Once if recipients accumulates more than $10 in their accounts, the balance can be cashed out in the form of an Amazon gift card. All transfers exceeding a $1 sum, Twitpay will make a flat cut of five cents.
Michael D. Ivey chief executive and co-founder of Twitpay says “Ideally we want to enable social giving on Twitter,” he said. “But beyond that, we could enable charitable giving, such as to the Red Cross. We’re very excited to be able to help people do good over Twitter.” and that their service makes it easier for people to donate money during a disaster like Earthquake or an Hurricane.
Twitpay has no official ties to Twitter, and it allows people to post messages up to 140 characters in length. The service seems to be still in a trial phase, but Mr. Ivey said the company was actively working to obtain funding and is in discussions with several groups.