31 October 2014

Matt White

Matt White - Finextra

84 | posts 280,617 | views 169 | comments

Futuristic Banking

Stuff that's out there in the way out and beyond in banking.

Twitter to rule P2P payments?

04 July 2008  |  3884 views  |  1

I don't really get Twitter but maybe it's time to start paying attention because the microblogging site could soon be a major player in mobile person-to-person payments.

Earlier this week Nate Westheimer, Entrepreneur-In-Residence at Rose Tech Ventures, posted a blog claiming the site, which doesn't make any real money yet, could become a billion dollar company within a year if it embraces mobile money transfer.

He argues that Twitterers already use the type of machine language needed for mobile payments to work.

Says Westheimer: "If Twitter had a P2P payments system in place today, it would become the most used mobile payments system overnight. Having the ability to send a message like “p innonate $5″ for that beer I just bought you would integrate seamlessly with the way Twitter’s users already interact with their system.

Layering on a payments system would not only make the feature instantly used, it would position Twitter to revolutionize how money is collected and exchanged on the Internet."

That's a pretty big claim and for it to happen the site needs to stop falling over every few days.

But the first steps towards making Westheimer's vision a reality are being taken, with Tipit - a new service for people to tip Web sites if they like what they see - now letting users "tweet" to make donations.

 

TagsPaymentsRetail banking

Comments: (1)

Dean Procter - Transinteract - Sydney | 05 July, 2008, 06:07

The costs they are paying to paypal ~ 6%+ are unsustainable for any normal business. Tip-it is more like a charity fundraising model for a business.

A big 'tip' to Paypal isn't exactly going to going to inspire me. The Paypal fee structure suggests to me that no legitimate merchant would accept such high costs and I have always thought that anyone willing to pay that much to a transaction processor must have little other choice (leaving you to draw your own conclusions - ie. is that Armani really an Armani? A real Armani seller would have their own merchant card account wouldn't they?)

I doubt those shops in the high street are paying as much as tip-to is to paypal so they'll have to work on those costs before pitching their business to investors. They should give someone else a call and see if you can get a better rate.

A small reduction in fee's could increase their profits substantially and perhaps it would take less time to clear the funds because Paypal is obviously very risky otherwise why would they hold merchant's money for weeks in some cases?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Matt

Wonga bad, Zopa good?

06 June 2012  |  5966 views  |  3  |  Recommends 0 TagsRetail bankingGroupInnovation in Financial Services

f!?kberks

21 May 2012  |  4028 views  |  1  |  Recommends 1 TagsRetail bankingGroupCringeworthy marketing gallery

EBAday: a single migration end-date for Sepa?

16 June 2011  |  5023 views  |  0  |  Recommends 0 TagsPaymentsWholesale bankingGroupEBAday

EBAday: online payments - it's all about mobile

15 June 2011  |  5523 views  |  0  |  Recommends 0 TagsPaymentsGroupEBAday

EBADay: political will and Sepa

15 June 2011  |  4445 views  |  0  |  Recommends 0 TagsPaymentsGroupEBAday
name

Matt White

job title

North America editor

company name

Finextra

member since

2007

location

Toronto

Summary profile See full profile »
North America editor

Matt's expertise

What Matt reads
Matt writes about

Who is commenting on Matt's posts