Twitter has joined Apple and Facebook in the tech giant race to gain a foothold in financial services.

All Twitter users in France, no matter their bank, will soon be able to tweet money to one another through BCPE, the second largest bank in the country.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

S-money, the electronic money subsidiary of Groupe BPCE, has created this new mobile electronic wallet solution. As long as you have a bank card and Twitter account, you can send money to other users free of charge.

Jean-Yves Forel, Groupe BCPE chief executive, said: "Groupe BCPE is the first banking group to offer individuals a payment solution where they can transfer money with a simple tweet. This S-Money initiative opens up a whole new range of payment possibilities on social networks."

This development follows the introduction of ‘Twitter Buy’. The service, currently on trial, allows consumers to find and buy products on the social network. Early vendors employing the ‘Twitter Buy’ button include Burberry, Home Depot and musician Pharrell.

Social media has been seen a key battle ground in payments for the last few years with banks and social media networks scrambling to work out the best way to let customers move money quickly and securely via a public forum.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

A similar service on Facebook has been utilised in Japan with Rakuten Bank. ‘Transfer by Facebook’ lets users of the mobile banking app move money to anyone in their Facebook friends list. Not to be left behind, Apple announced ‘Apple Pay’ last month and the service has now been launched in the United States.

Twitter declined to comment further and BCPE will host a news conference tomorrow to unveil the service.