iPayYou teams up with Twitter to enable Bitcoin payments

iPayYou is a Bitcoin wallet that allows users to send Bitcoin to customers who don’t have Bitcoin accounts. Users can send payments via email without the recipient having a pre-created Bitcoin account.

Customers can use an email address as the primary way to send payments to one another, while still supporting all traditional Bitcoin payment mechanisms. Once payment has been sent, a Tweet notifies the recipient they have received a payment over iPayYou. The Tweet links to the iPayYou website for the recipient to accept the payment. The recipient can hold the Bitcoin in their iPayYou wallet, send it as payment to another peer, or sell their Bitcoin for US dollars, which would be deposited in their bank account.

The Pay-by-Twitter solution can cancel transactions with users being able to retract their payment before it has been accepted.

To access their Bitcoin, Twitter recipients need to open an iPayYou account. This process requires verification of their Twitter credentials and providing their mobile contact for additional security.

The fee to sell Bitcoin on iPayYou for US customers is about 0.5% plus a nominal network/service fee. The fee to purchase Bitcoin is a flat 0.5%, according to cryptocoinsnews.com.

iPayYou will release its wallet on both iOS and Android platforms over the next few months.