Bitcoin startup iPayYou has launched a new service as part of their exchange and wallet platform which lets anyone take advantage of Twitter to send bitcoin to them through the platform, making it quick and easy to send money anywhere in the world.
iPayYou is a bitcoin exchange, acting as a broker, which allows users to buy and sell bitcoins using their online service. iPayYou also has a wallet built-in that allows users to send, receive, and store bitcoins using their web platform. One of the key components of the wallet is the ability to cancel transactions.
The startup was founded by former Amazon executive Gene Kavner, who has worked with other prominent businesses such as Microsoft and Expedia. Kavner is a fan of bitcoin and wanted to create a wallet that the mainstream could relate to. He believes the iPayYou project is one of a kind and will enable services that most wallets don’t offer while being a low-cost aimed at the average person.
As part of the new wallet service, Kavner has added a new feature utilizing Twitter’s 310 million userbase so wallet users can send bitcoin to anyone on Twitter in just a couple of steps.
With the service, once the payment is sent via iPayYou, a tweet is sent letting the payee know they have received a payment from iPayYou. The tweet includes a link to the iPayYou website for the payee to accept the payment. The payment can be deposited as bitcoin or traded in for U.S. dollars, which will be directly deposited into the user’s bank account.
“Twitter is one of the most widely used social media networks worldwide and despite the speed of technological innovation in the 21st Century […] With the new Pay-by-Twitter feature, iPayYou continues to offer consumers with easy ways to use bitcoin as a payment method in everyday life, which has been our mission from the start,” said Gene Kavner, founder and CEO of iPayYou, in a press release.
Paying people via Twitter isn’t a brand new idea, it’s something that ChangeTip tried to tackle. ChangeTip’s model was slightly different, where users would ‘tip’ each other via Twitter by triggering their application through Twitter user mentions and a tip amount. The micropayments model that ChangeTip had some may say was unsuccessful, as their usage had dropped off considerably; and then later ChangeTip was sold to AirBnB in an acquihire deal.
iPayYou’s model although very similar, is just one piece of the overall service. Another part of their service which is a key component of the wallet is the ability to cancel transactions after they have already been sent.