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.
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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.
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By GlobalDataA 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.
