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Matt White

Matt White

Matt White - Finextra

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Futuristic Banking

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

Twitter to rule P2P payments?

04 July 2008  |  4182 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)

A Finextra member
A Finextra member | 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?

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member since 2007
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