This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Now You Send Payments Through Twitter

NEW YORK ( TheStreet) -- Talk about shortening up your "to do" list.

Dwolla, an online payment services company, has announced this week that you can now send cash payments via Twitter.

The process is pretty simple, and should intrigue the 500 million Twitter users tweeting away these days, as well as the 150,000 new users Twitter attracts every day.

All a user needs to do is this: Tweet the Twitter handle of your cash recipient and amount you're transmitting and add "#dwolla." The money is deposited into the recipient's Dwolla account in real time. That's pretty much it -- you just sent (for example) $140 to your best friend in 140 words or less. (You need to visit and sign into your Twitter account to sign up for the service).

"This makes it easy to send money to friends, nonprofits or even merchants without having to login to the Dwolla mobile app," Dwolla says in a Wednesday blog post.

Dwolla doesn't warn users about which payments are OK to make (lost bets, small charitable contributions, loans to friends) or which may not be (mortgage payments, credit card payments and car payments, which may attract identity fraud thieves and let everyone know how much you are paying on your mortgage).

The difference is this: As a regular Twitter message, a Dwolla payment is public. Banks and lenders don't allow Twitter payments specifically for that "public access" reason -- banks don't want your Twitter followers knowing how much you owe them anymore than you do. A Twitter payment would constitute a huge security breach for a big-time creditor.

So don't expect to make those kinds of payments with Dwolla; instead, view Dwolla as a shorthand version of PayPal, which users generally use to loan money to family or friends or for small-business owners to get money from clients. PayPal is highly secure, and only you and the other party know how much money is going to whom and when that payment will occur.

Dwolla may yet be a big hit with Tweeters who want to save time sending small amounts of cash to friends, family or even a charity, and don't mind their Twitter followers knowing about it.

There's a middle ground in Chirpify, which allows users to send money via Twitter more discreetly. As Chirpify describes it, the service "allows you to pay a friend by mentioning them directly. This way, the payment won't fill up your followers' timelines."

With Dwolla and Chirpify, sending cash in short Twitter bursts is the latest breakthrough social media breakthrough -- and the latest shot at banks and credit card companies.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs