Decentralized crypto lending platform Dharma has added support for payment via twitter, where a client can send US money to any Twitter account irrespective of its geographical location. The new feature would be called social Payment and the receiver of the payment would not be required to have a Dharma account in order to get the social payment.
The announcement was made via Dharma’s official Twitter account on April 21st which would permit all Dharma customers to send US money from their smart wallet as long as they have the required amount in the wallet. The sender would also need to retweet the tweet to the payment bot and tag the recipient so that they would be notified about the payment received.
1/ Introducing Social Payments 💸🐦📲 – a Twitter-native financial ecosystem.
Today, you can send USD to any Twitter handle, regardless of where that person lives — even if they don’t have a Dharma account.
Now *every* Twitter handle accepts (and earns interest on!) payments. pic.twitter.com/8sZ8MxxYvO
— Dharma (@Dharma_HQ) April 21, 2020
Once a user receives the payment through the Social Payment system, they would be required to click on the attached link when they receive the notification and create a Dharma account which they would be required to connect with their Twitter account. Since Dharma is decentralized lending platform where users can hedge funds and earn interest on that hedged fund, even the fund received via Social Payment can begin to earn interest for the receiver well before the receiver makes a Dharma account to claim the award.
Dharma is not the First to Introduce Payment Via Social Media
Dharma believes its Social Payment system could have numerous uses be it for tipping micropayments on social media, or charitable donations across the border as well as sending and receiving business payments.
Dharma’s Social Payment might sound familiar to those who are associated with the decentralized space and that’s because Brave has already introduced a similar system back in August last year where Twitter users can use Brave’s Twitter tipping service to make micropayments and tips in Brave’s native Basic Attention Token (BAT). Apart from Dharma and Brave even Lightning network has tried their hands at micropayments via social media in the past quite similar to Brave and Dharma.