Posts Tagged ‘pay with a tweet’
Twitter has teamed up with one of France’s leading banks to offer a way to transfer money via a tweet.
As evidenced by a wide range of recent natural disasters from Hurricane Sandy to Typhoon Haiyan as well as national emergencies like the Boston marathon bombing, Twitter has proven to be a valuable tool for emergency and urgent care workers.
Capitalizing on that usage, San Jose, California-based telemedicine provider company Telecure has launched a “Pay-With-A-Tweet” program to offer free urgent care in exchange for a tweet or Facebook post.
Twitter and American Express have expanded on their longstanding partnership to offer a unique e-commerce service to Amex cardholders that both parties hope will convert Twitter hashtags into purchases.
The collaboration uses Amex’s Card Sync technology, and card members who connect their cards to their Twitter accounts can benefit from special offers on products, including gift cards, Kindle Fire tablets and more.
Paypal is a monster – the platform has around 100 million users worldwide, and in 2009 saw revenue of $2.23 billion over $71 billion in total payment volume.
And moving funds from one person to another is so simple – all it really takes is an email, but even that’s a bit of an illusion. The money doesn’t actually go anywhere. It’s still right there, on Paypal, unless you physically transfer it to your bank.
And Paypal is now so dominant, so huge, that many analysts expect it to dwarf it’s parent company within a few years. And it isn’t even classified as a bank in the United States.
So: why couldn’t Twitter blatantly steal mimic this business model?
You’d load up funds onto your Twitter account, and move cash from one person to another via direct message. “You’ve got funds!”, Twitter would (shamelessly) announce.
Retail websites would incorporate a ‘pay with Twitter’ button. At first, you’d be hesitant, but over time, and much like Paypal, it would become a standard. And because of public demand, even eBay would be forced to comply.
Retail stores would let you pay with your mobile phone – simply scan your Twitter account at the checkout, and you’re charged accordingly.
Twitter has twice Paypal’s user base. With the right people running this, the right attitude and the right amount of chutzpah, they could rapidly become a viable alternative to what is a near-monopolistic online payment system.
And that little share they took from every transaction – which, naturally, would undercut Paypal by some distance – would give them a much-needed (and entirely viable) revenue stream.
They could even call it TweetPal. After all, you know what Picasso said about great artists. If you’re going to imitate something, might as well take it all the way to the bank.