Google CEO Eric Schmidt Invests in Twitter Payment Technology Twitpay

Twitpay, the Twitter-based payments service, has received some funding from Eric Schmidt’s TomorrowVentures investment firm, as well as CompuCredit Holdings Corporation. It looks like Twitter payment systems might be the big thing next to Facebook Credits in the months and years to come.

Twitpay leverages Twitter’s large mobile offerings to provide mobile payment options through the micro-blogging service. It also has a charitable arm, RT2Give, which enables charities to raise funds via Twitter.

The Twitpay blog announced its recent funding boost yesterday, citing TomorrowVentures and CompuCredit Holdings Corporation as the two investors.

TomorrowVentures is the investment vehicle for Google’s Eric Schmidt, which seeks to invest in early-stage technology ideas that could “change the way people live, interact, and thrive”. It has invested in mobile startups, a financial education platform, and other web- and tech- based companies in the past two years.

CompuCredit is a specialty financial company and a marketer of credit cards to the underserved market.

These two companies clearly see a bright future for Twitter-based payment systems, and Twitpay in particular. It will be interesting to watch the industry – which is little more than a seedling now – flourish over the coming years as more people flock to mobile-based payments made by a single tweet.