So, I have to confess that I have yet to Tweet, but was intrigued by the recent announcement of a new payment system that allows tweeters to send money to each other in 140 characters or less.

This new payment method was conceived, launched and developed in 54 hours as part of the Atlanta Start up Weekend. Tweeters can send up to $50 from a TwitPay account that is funded through PayPal for about 5 cents. But, here’s the rub, recipients pay 3% of the balance plus 30 cents to get their money and then can only cash out via an Amazon gift certificate or make a donation to a TwitPay charity. Now, I admit that the business model (and name) might have improved had the team spent a little more time kicking things around, but you have to give them points for creating a Web 2.0 solution that is monetized out of the chute.

Who knows how far this (or Twitter for that matter) will go, but it does make the point that innovation is possible on shoestring budgets when smart people are incented to work together to solve a problem. Congress, and the new President – take note.