Payment Methods

Twitter Rumored To Be Considering In-Tweet Tipping

Twitter could be working on a way to “tip” people on the social media platform, though the company has so far denied it. The information came from two sources claiming to be familiar with Twitter’s inner workings, according to reports.

However, according to a Twitter spokesperson, the company is not currently developing a tipping service or any ways for people to send each other money through the service.

Some news outlets reported that Twitter was considering a tipping service specifically for bitcoin, but this remains to be seen. Twitter Founder Jack Dorsey has spoken highly of bitcoin in the past, saying that the internet “deserves a native currency,” and that he’s a huge fan of bitcoin.

Dorsey’s other companies, Square and Square Crypto, have also dealt in cryptocurrency. Square’s Cash App worked with $148 million in bitcoin sales during Q3 2019 alone. Square Crypto’s mission has been to try and make bitcoin more acceptable, and used in a more widespread manner.

Last year, Dorsey invested in CoinList, a startup that helps companies raise capital through cryptocurrency.

Dorsey has been critical of Facebook’s proposed Libra cryptocurrency, and said he has no interest in trying to make his own cryptocurrency, either. Instead, it’s all about bitcoin for Dorsey, who said last September that he thought bitcoin’s “open internet standards” were a better service to users than those controlled by companies. His reasoning for his love of bitcoin comes from its longevity, as it has been around for 10 years, and has proven itself a strong brand and quality via numerous tests over the years.

Facebook’s Libra has gone through challenges leading up to its rollout, including some early backers dropping out due to regulatory scrutiny that they did not expect.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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