The event will benefit nonprofit Child’s Play, which provides books, games, and consoles to children in hospitals. There will also be an all-star squad featuring Naveen from foursquare, David Tisch from TechStars NYC, Gawker’s Richard Blakeley, and NY Tech Meetup’s Nate Westheimer, and the MCs for BackSpin 2011 will be Jeff & Pat from CollegeHumor’s Bleep Bloop.

Tickets will be available starting Wednesday, at $50 to enter the singles tournament or $25 to attend as a fan.

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Not a bad idea to be honest, and it is similar to the idea that Facebook has, which is preparing to launch a payment system for their platform. Want to send your friend $5 real quick for the beers they bought you last night? No problem, just text “p biznickman $5″. I hadn’t thought of this solution for Twitter previously, but this makes a lot of sense.

Micropayments are currently an area of rising importance. While I may not text my friends $0.50, I could easily see an API tying into Twitter to transfer small payments for a virtual gift or obtaining access to a premium blog post. While the concept is still foreign to many people, a text based way for transferring small amounts of money makes a ton of sense.

While Twitter doesn’t have a massive amount of market penetration, the site has become ubiquitous among early adopters and making the leap to the mainstream is not far away. So how will Twitter end up making money (if they can keep their site up)? Text based payments if they follow Nate’s advice. Do you agree that a Twitter based payment system would make a lot of sense?

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