PayTap is a first of-its-kind shared bill-payment platform, which has just made its official debut. PayTap allows you to tap your network of family and friends online to help get all your bills paid. These bills can be of any sort and it does include situations like providing financial support for aging parents along with your siblings, or if you find yourself in financial hardships.

By setting a standard of only $1 as transaction fee, this service does have its difference from the rest of the transaction services. Taking the enriched profoundness of the existing social networks, this company is dedicated solely in bringing down the amount spent for transferring money.

The service also allows its users to watch over the people who have paid specific parts of the bills. One more interesting part is that the users can avail almost all modes of transaction with this service that includes credit card, debit card, PayPal and bank transfer.

Whatever the transaction mode be, PayTap will send the money straight to the billing individual.

Devoting most of the last 3 years on research and dealing with regulatory and legal processes, the company has been working hard on the concept. PayTap  raised $500,000 in last April from Precept Capital Management and Sandor Capital and Daley said they have arrived at the $1-flat fee to reduce uncertain costs that users have to incur when sending money through Western Union or Moneygram.