In Blippy’s world, everyone gets deals on everything! All you have to do is share your credit card information online!
Hey, wait. Where are you going?
The social media start up, which has been described as “Twitter for credit cards”–provides radical transparency about who is paying what and where by encouraging users to live-stream their credit card purchases. That might sound creepy, but the company is already leading by example. They just raked in $1.6 million in venture capital and have broken it down like the line items on your monthly expense report. Among the givers? Twitter co-founder and CEO Evan Williams.
So how will joining up save you money? It likely won’t, at first. But enough transactions would provide an incredibly nuanced balance sheet of what, say, hotels and airlines, are charging different customers for the same service. Make the best deals more obvious and you’ve just touched off a mega price war among formerly impervious industries. So your boss learns you spend way too many lunches at Hooters. Small price to pay when you can eventually afford that vacation in Saint-Tropez!
Still scared? Perhaps you’re aware of that $9.8 million class action lawsuit just settled against your “friend” Facebook. They got in trouble for not disclosing they were exposing your personal information to third-party e-commerce vendors. They’ve since revamped, but when you opt in without changing your privacy settings, retailers mine your personal data for trends now anyway. Blippy works on the same principle, except that, while very specific, it can also limit your level of exposure by letting you register only one credit card at a time. Want to know if you’re getting a break on groceries or health insurance? Sign up. Eventually, the crowdsourced numbers will reconcile. In the meantime, Walmart might notice that you are buying all your shampoo from Target and send you a $10-off coupon to change over. Let the retailer bidding war begin!