eBanking - Twitpay to convert Twitter into e-commerce platform

US startup Twitpay is set to be expanded into a platform that enables users to pay online via Twitter.

The service has been procured for USD 100,000 by investors led by Acculynk CEO Ashish Bahl and Morgan Keegan investment banker Keith Meyers. The investors will initially focus on raising money for charities, but they are also planning to expand to other products and other social networks and allow users to make online purchases using the service.

To make a payment, the donor will have to re-tweet the message. By doing so, the money transfer will be authenticated from the donor’s account to that of the beneficiary. Twitpay retains 5 percent of each transaction. The beneficiary will receive its money within 72 hours.

The prerequisites for such transactions require both the donor and the charity to register on Twitter, with the donor additionally authenticated by Twitpay. Currently, the Twitpay service directs users to PayPal to settle their debts.