Twitter users making online transfers have a new, Canadian way of sending each other money. The San Fransico-based social media network announced that its Tip Jar is now handling payments made through Wealthsimple Cash.
Tip Jar, Twitter’s online payments service that launched in May but is still in beta mode, already operates with U.S.-based PayPal, Venmo, Bandcamp, Patreon and Square’s Cash App. Twitter says it chose to add Wealthsimple Cash to Tip Jar’s roster because the companies share an interest in innovating and making online transactions hassle-free.
“They’re one of the leading Canadian fintech firms and so when….we look at them, they’re just a natural partner to try something like this with,” said Paul Burns, managing director of Twitter’s Canadian operations. Michael Katchen, CEO of Wealthsimple, added, “E-transfers, which are the way that Canadians have historically sent money to one another, are clunky and outdated, and we have tried to just totally reinvent the experience of sending someone money to make it delightful and simple and fast.”
Twitter users can send money through Tip Jar by looking for a bills button on the profile page of their desired recipient. If a user has enabled the Tip Jar and transfers with Wealthsimple Cash, the funds can be sent within a few clicks.
In keeping with its goal to make finance accessible to all, Wealthsimple will not charge fees on transfers made through Tip Jar. Twitter also will not apply any charges or take a cut of money sent.