Tilt is a crowdfunding and peer-to-peer payment platform. It provides the services not only in the US, but also in Canada, UK and Australia. Its main target customers are anyone who is 18-24 years old. By using the app, users can collect money from a group of friends/colleagues/family members by creating a project in Tilt application, setting the amount of money desired and then inviting those contributors. Contributors make payment in just a few taps. The app also allows everyone to see who has or has not paid. I don’t think this is a good feature to be embedded because of privacy protection. It should make the information visible to only the organizer.
There are 3 ways for Tilt to make money. First, it charges 2.5% of the total amount raised in “Fundraising” and commercial campaigns. Second, it charges 3% of processing fee if contributors use credit card. Third, it makes money by providing businesses with access to its extensive API.
I think compared to Apple Pay, Venmo, Square Cash, Tilt does have a competitive edge of social engagement which is a great selling point to its target. However, I do not see yet how it can compete with Facebook and Viber payment. I believe in the future of mobile payment but I’m not confident in Tilt making successful profit by transaction fees. Nonetheless, Tilt has a high potential to sell useful insights regarding customer behavior to businesses which are extracted from its data.
Source:
https://www.fastcompany.com/3062668/tilt-wants-to-be-venmo-but-everywhere
https://www.gobankingrates.com/personal-finance/tilt-payment-app-replace-venmo/
http://fortune.com/2014/11/12/tilt-future-crowdfunding/
Cool article about Tilt. You presented the facts very well about the technology. I’ve seen it present on college campuses a lot, but I’m interested in seeing how they can branch out beyond their selective target market.