TwitPay is a web app that allows users to tweet others money.

Features:

• no account sign-up required
• follow @twitpay to keep track of Twitpays
• simple UI: send $ amount to @twittername for reason via tweet

The Good:

TwitPay is a relatively easy way to send others virtual money on Twitter, in any increment between $0.01 and $50.00. Any amount sent over $0.99 and TwitPay will charge you a nickel. Twitpay tweets are viewed as “promises” which are committed to 30 minutes the twet is made. TwitPay money you receive can be spent on an Amazon gift card, a TwitPay charity or on TwitPay itself. Seems pretty straightforward.

The Not-so-Good:

By its own admission, TwitPay is still wrestling with methods of funding your own TwitPay account to make payments. That would seem to render all the tweeted money “virtual”, for the time being.

Tweetwave.com rates it: ♦♦