Finovate Demo
Video Archives

Presenter Profile:

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.

1. 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).
2. Takes advantage of existing social networking (increases reach and speed).
3. Gives visibility to all parties involved and allows them to keep track (who has paid) and avoids costly late fees.
4. Users can choose any payment method – credit, debit, PayPal and bank transfer – without revealing their details to family & friends.

Contacts:

Bus. Dev. & Sales: Ken Killian, Director Business Development, ken@paytap.com,
(972) 345-6823
Press: Sarah Magee, Director Social Marketing, sarah@paytap.com, (214) 563-8763