Bitcoin wallet provider iPayYou, Inc. has launched a new “Pay-by-Twitter” feature that allows users to make peer-to-peer payments on Twitter.

iPayYou is claimed to be the first bitcoin wallet that enables Twitter’s 310 million monthly users to make peer-to-peer payments over Twitter. Payments are made by simply entering a recipient’s Twitter account name instead of an email of bitcoin.

The advantage of the system is said to be that the exchange can happen without both parties exchanging private information.

Once a payment is sent via iPayYou the recipient receives a tweet letting them know that they have received a payment from iPayYou that includes a link to the iPayYou website for the recipient to accept a payment.

The payment itself can then be deposited in bitcoin into another wallet or traded for dollars which can be deposited directly into the recipient’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, no other full-service bitcoin wallet offered this feature until now,” iPayYou Founder and Chief Executive Officer Gene Kavner said in a statement. “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.” 

“iPayYou is one of the most exciting new companies in the bitcoin industry which is directed at consumers,” Roger Ver, iPayYou investor and renowned bitcoin evangelist added, “Their new Pay-by-Twitter feature is just one example of how iPayYou are paving the way to promote the mass adoption of bitcoin.”

Company to watch

While iPayYou is a new company that hasn’t been making a lot of headlines to-date, founder Gene Kavner has a wealth of experience having previously held the position of Worldwide Director of the Amazon Associates program, and prior to that worked at Expedia, Inc. and Microsoft Corp. in senior positions.

The company launched its bitcoin wallet in May to positive press in the bitcoin community, and is pitching the service as so user friendly even people who are not familiar with bitcoin are able to use it, including the ability to set up automatic withdrawals on deposits so that the amount is automatically deposited into bank accounts.

We can’t find a list of investors in the company but if Roger Ver (as previously mentioned) is backing iPayYou, it is definitely a bitcoin company to watch.

Image credit: iPayYou