The Durbin Amendment, Innovation Catapult?

by Ron Mazursky 0

Flattr today announced the company’s person-to-person payments (P2P) service will no longer operate on Twitter. Flattr’s developed its service to enable individuals to send funds to creators free online content. “Liking” a tweet was one way to initiate a payment, but the company still supports similar mechanisms on other content site, including YouTube. Twitter asked Flattr to end its service due to violation of the company’s rules regarding commercial use.

P2P payments are an area of interest for many banks and non-financial institutions because there is an opportunity to move a large number of cash transactions to electronic payment types. The instant and global connectivity social networks provide has inspired many third parties to integrate payments into the various platforms. These services raise many concerns for the social networks including the potential to manipulate advertising campaigns, launch spam attacks, and launder money.

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