Pygg, an Australian
technology start-up that enables
users to transfer money to each other through Twitter, has
launched.
Australian bank account holders can create and use Pygg accounts
that are topped up using credit cards or PayPal.
Customers in Australia can make small payments
to other Pygg account holders through Twitter by including the
@pygg handle, the username of the recipient and the amount to be
transferred in tweets.
If the recipient does not have a Pygg account,
the firm will create a pending transaction and invite them to join.
The money transfer is free of charge.
Pygg charges A$2.50 every time a user tops up
their account.
Pygg
has been set up by Australian start-up creation company Pollenizer,
and founding investors Rohan Lund, CEO of Yahoo!7, and Tim Howard,
CFO of Vividwireless – a division of Seven Group Holdings.
Pygg aims to move
beyond Twitter to Facebook and e-mail soon. The Pygg service is built around the idea
that consumers will use social networks to make small payments,
such as paying back a friend for a coffee.
Customers can make payments directly through Twitter or download
a web app. The web app offers additional functionality like the
ability to withdraw money from Pygg accounts, and information such
as transaction timelines.
