Both Facebook and Twitter were mentioned in a rumor that MasterCard might be interesting in working with the social media companies to offer peer-to-peer money transfers. Twitter ended the day up nearly 7% but so did a bunch of other mobile/social plays.
SEE ALSO: Social Media Dogs Are Running
Peer-to-peer money exchange is already huge. Venmo, for example, facilitated over $1 billion in payment in January according to their blog. Their recent NYC subway ad campaign created tons of buzz also. Meet Lucas. Lucas uses Venmo.
The social aspect of Venmo is really fun. You essentially include a tweet’s worth of text and emoticons with any fund transfer you make. Thus, it makes lots of sense for Twitter to have peer-to-peer transfers. Goodness, Snapchat already has this, via SnapCash.
Do you know what powers SnapCash? Square. Square also has Square Cash which facilitates the same ends as Venmo. And who heads Square?
Jack Dorsey
Jack Dorsey is not Lucas. Jack Dorsey is a bearded man who is CEO of two publicly traded companies. Jack Dorsey runs a peer-to-peer money transfer company and Twitter. Yes, Twitter, the company that rallied 7% today on some MasterCard noise.
Get out of here with that nonsense.
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Raul – I’m stingy, and don’t have plans to dispatch funds to any of my peers, but am wondering: why would I use any of these newbies over PayPal?
Venmo is a variation of PayPal, run by PayPal.
The Hot Chocolate on your longboard snap wasn’t lost on me, btw….
Does anyone actually Tweet cash at each other..?
Is that functionality available?