I was reading Wired online and came across an article titled “The Future of Money: It’s Flexible, Frictionless and (Almost) Free” and they highlighted a new web app for Twitter called Twitpay. Twitpay allows you to send money through Tweets linked to a Paypal account.

At first glance, I thought this is could be the least secure way to pay someone but a very innovative way to pay someone. They are calling the payments a “promise” to pay. When someone sends a payment through a tweet, Paypal send the money from the Tweeter’s account to the Tweet recipient’s account. From there, the two parties work out the transfer (payment) on Paypal and that is it. So, the payments aren’t direct payments but an offer (promise) and then the acceptance.

I have a few worries about Twittpay:

First, Twitter accounts have been hacked left and right since the launch in 2006, so these Tweets can be of Hijacked accounts and your money can be drained quickly. The safeguard to this problem is if the user only has a very small amount of funds in their Paypal account.

Second, all payments are public with a direct (@) Tweet. If I see a user giving out thousands of dollars a week I would worry about the safety of that person. I would worry about his person and his account.

Lastly, each user needs a Paypal account to make this work. If they don’t… where does the money go? I mean, you can just Tweet to a user a promise to pay, but why make it public? How about a Direct Message (private) to the person for an email address to transfer the money? They have to go through the Paypal steps anyways.

Though, there is a clever way to send money on Twitpay. On the Guide page is shows users that they can Tweet a beer or tea to another user. For example, you can tweet me (@tskaggs twitpay a beer) and it will send $3 to me. This gives Twitpay a lovable charm and brings more realism to the Twitter world.

Check it out for yourself. I think it’s a good start to a good idea.

**All Twitpay logos are propery of Twitpay