Spotlight on… Paytween

We speak to the people behind bill sharing app Paytween about taking the stress out of sharing expenses with friends, why a social element is so important for a sharing app and what crypto-currency could do for millennials.

Can you tell us a bit more about Paytween? What inspired you to set it up?

We aim to solve problems associated with friends sharing expenses. We find a named few often end up paying for the rest, while there’s also the hassle of asking your friends to pay you back and having to exclude certain friends from plans who have bad track records in “paying back their share”.

What makes it different to other bill sharing apps on the market?

Paytween has a very strong social focus and is very different from the typical calculator/excel type of app that you can find. We are a chat and everything happens around this real-time chat, which makes Paytween very intuitive and easy to use.

How Paytween works

  • You create a group for each plan and add your friends.
  • You chat with your friends and write down the group expenses, stating who participated in each one.
  • The app automatically sums up, telling you how much you owe or are owed in each group.
  • You choose your preferred payment methods among those that you already use, for example Paypal and Venmo.
  • And you settle your debts easily.

Paytween also allows you to settle debts connecting with major payment apps, including those that deal with cryptocurrencies.

How well do you think millennials are currently coping with budgeting? 

Worldwide, people face similar problems when sharing expenses and trying to keep on top of their budget. The problem is complex: despite there being a huge range of tools to help keep finances under control, buying things has just become much easier. Millennials face the challenge of learning not to overspend – this comes down to basic economics and common sense.

How financially literate do you think this group is?

In terms of financial literacy, each generation has its own special market circumstances to deal with. In the past banks have traditionally offered one to one banking solutions, which could come across as complex and perhaps less transparent. The current fintech boom is seeing greater democratisation of banking and eliminating jargon. While millennials are coming up against an ever-growing volume of information, they are sufficiently tech-savvy, innovative and creative to be able to sift through the immense offer of fintech services and to have an idea of which ones add value and which ones don’t.

How could crypto-currency help millennials?

As Paytween continues to evolve as a bill sharing app, paying with crypto-currency could provide transparency, reassurance and safety to lending and money movements between millennials.

What are the benefits of targeting millennials?

Something that makes millennials a clear target for Paytween is that they are highly connected, multitaskers and value transparency. Our real-time chat enables users to communicate while planning and sharing expenses. The result has been impressive; the uptake of users is ever increasing as people see how easy it is to be in control of their group expenses.

Furthermore, our social media campaigns are highly popular among millennials as we base them on innovative and creative content. We are thrilled to see our followers increasingly interacting with us on Instagram and Facebook. That said, the app is suitable for people of any age who have social plans and share expenses with their friends and family.

How important to you are early adopters as a way of shaping the product?

They are very important to us! We have a special relationship with our early adopters because they have given us important feedback about certain aspects of the app’s performance. They have guided us when facing certain design or functionality issues, and every time we publish a new version we run it by them first to “test the water”.

What are the key issues facing millennials as far as financial services are concerned and what do you propose as solutions?

Millennials don’t tend to dedicate much time to dealing with financial issues and hardly ever set foot in a bank. Any type of financial service offered to them therefore needs to function seamlessly and quickly. Paytween is simple, as easy to use as a chat and provides a reliable but fun way to keep finances under control.

Also, these days there is a lot of specialisation in terms of services — there is one app for every type of subservice. People don’t have enough space on their smartphones to keep them all. In that Paytween combines two functions, being a chat and an expense sharing platform, this helps solve storage space dilemmas.

Finally, millennials are digital natives and like to interact with their friends. Most expense sharing apps have more of a financial focus, and do not contain social elements. Paytween is more appealing as it not only improves financial control but also helps to keep friendships running more smoothly and saves users a lot of time and hassle.


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