How they describe themselves: PayTap is shared bill payment. It enables family & friends to contribute to bills online with the funds going directly to the biller. Users socialize their bills, aggregate financial resources and get them paid.
In 2010 the US spent $865B in P2P payments. Of that the largest use was $131B for financial support – family & friends helping to pay bills. That $131B represents 3 billion transactions of which 67% was cash and check.
How they describe their product/innovation: All of us have done it – asked or given help to family & friends to pay a bill. Its hard to ask and difficult to quickly respond. PayTap allows people to do what they currently do everyday but online and with significant advantages.
- Dramatically reduces the cost of moving money and takes a major step out of the process by having the funds go directly to the billing company (AT&T).
- Takes advantage of existing social networking (increases reach and speed).
- Gives visibility to all parties involved and allows them to keep track (who has paid) and avoids costly late fees.
- Users can choose any payment method – credit, debit, PayPal and bank transfer – without revealing their details to family & friends.