Will Twitter Eliminate Credit Cards?

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A nutshell history of money might go something like: First we had barter, then hard currency, then checks and credit cards, then… Twitter? A handful of writers think that social media tools like Twitter could allow people to seamlessly, instantly, and cheaply transfer money. If it works, it would eliminate the need for some of banking’s basic services.

 

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The Coming Era of Flexible, Frictionless Money

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Two months after PayPal opened its platform, 15,000 developers
had used it to create new payment services

The banks and credit card companies have spent 50 years building a proprietary, locked-down system that handles roughly $2 trillion in credit card transactions and another $1.3 trillion in debit card transactions every year. Until recently, vendors had little choice but to participate in this system, even though — like a medieval toll road — it is long and bumpy and full of intermediaries eager to take their cut. All of that is about to change.

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Twestival Contributors To Donate Through Tipjoy

Twestival Contributors To Donate Through Tipjoy

Like other cities in the Western U.S. and the world, San Francisco will be turning its attention to water shortages that could become severe this year. San Francisco-based Twitter has already gone to work on a grander scale, attacking the global water shortage crisis that affects 1.1 billion people.

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