Several mainstream financial companies have taken new and innovative steps to improve the process of capital transfer within the ecosystem. Since the start of proper fiat transfers, users have been clamoring for a more streamlined process that can be beneficial for everyone.
On April 22, Dharma launched its native social payments system to make capital transfers easier across Twitter. Using the latest feature, users will be able to send the US dollar to any Twitter handle regardless of the receiver’s geographical location.
Dharma claims that its new update is the easiest way to pay and save money on a global scale. The decision to implement social payments was made after Dharma saw massive potential in allowing users to send money to Twitter handles. One of the most important highlights of the feature is that the person on the receiving end does not need to hold a Dharma account.
Dharma has also provided a detailed breakdown of the processes to be followed while sending and receiving money. Dharma’s Twitter thread said:
“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.”
One of the biggest gainers from the Twitter payment system will be the micropayment and tipping industry. In addition, Dharma claimed that it would be much easier for people to send money across borders to charities without any hassle. Businesses can also use the opportunity to make payments quickly and efficiently.
To kickstart the process, users need to first deposit the required funds to their Dharma account and then finalize the receiver Twitter handle. Once the payment is made through the Dharma account, the sender is required to retweet @Dharma_Bot and tag the recipient account on Twitter.
The receiver on their end has to initiate the link sent by the Dharma Bot after which they will receive the transferred funds to their newly created account. Another added advantage of the transfer feature is that the receiver will begin earning interest as soon as the fund hits their account. Dharma is the first platform to offer payments in USD and USD backed stablecoins.
Other platforms such as Brave and Tippin already allow tip transfers on Twitter but only using the Brave token or Bitcoin. The Dharma application is currently available on both Google Play Store and the Apple Store. Dharma was also in the news recently for developing a new specification for network scaling. Developers said that the addition would scale up the Layer 2 process by 10x, a significant figure in any network.