Twitter has teamed up with one of France’s leading banks to offer a way to transfer money via a tweet.
Groupe BPCE is France’s second largest bank overall by number of customers, and the payment through Twitter will be managed by BPCE’s S-Money mobile payment facility, which already allows cash transfers via text message and uses data security standards similar to the credit card industry.
“(S-Money) offers Twitter users in France a new way to send each other money, irrespective of their bank and without having to enter the beneficiary’s bank details, with a simple tweet,” said Nicolas Chatillon, chief executive of S-Money.
The service will be officially launched in a news conference in Paris tomorrow, where further details are expected to be provided.
Last month Twitter launched its long-rumoured “buy” button with select partners in the United States.
“From the Twitter point of view, there is a limit to their appetite for getting involved in payments processing itself,” said Andrew Copeman, a payments analyst with AITE Group, a financial services research firm based in Scotland.
“At the moment, banks are probably viewing Twitter and other social media networks as marketing channels to reach a wider set of their customers and to extend the bank’s existing mobile banking initiatives,” he said.