Twitpay is a micropayment startup that aims to essentially Twitterfy PayPal payments, in so many words. Users first must create a Twitpay account and then fund it using an online payment site like PayPal.
Next, they'd post a Twitter update that includes the username of the recipient. An example tweet might look like this: "@trendhunter twitpay $5 for being awesome." The money is then transferred from your Twitpay account to your recipient's, and the transaction is completed.
Here's where things get fuzzy. After you've amassed at least $10 in your Twitpay account, you're welcome to withdraw it--in the form of an Amazon gift card. No cash withdrawals here. And for each transaction over $1, Twitpay takes out a 5-cent fee.
The start-up is controversial at best, but it does pose a curious insight into consumer desire to simplify the way they send money online.
What's Driving This Trend
- Micropayments
- Disruptive innovation opportunity: Explore new ways of facilitating small transactions and making online payments more convenient.
- Twitter-based Payments
- Disruptive innovation opportunity: Develop platforms that leverage social media channels like Twitter for secure and seamless financial transactions.
- Alternative Payment Methods
- Disruptive innovation opportunity: Investigate and capitalize on emerging payment solutions that offer alternatives to traditional cash or card transactions.
Who This Affects Most
- Fintech
- Disruptive innovation opportunity: Embrace technological advancements and disrupt the traditional financial industry by creating innovative payment solutions.
- Social Media
- Disruptive innovation opportunity: Combine the power of social media networks with secure financial transactions to provide users with new ways to send and receive money.
- E-commerce
- Disruptive innovation opportunity: Improve e-commerce platforms by integrating user-friendly micropayment options that enhance the customer experience.
