PARIS / FRANKFURT, Oct 13 (Reuters) – Groupe BPCE , one of the largest banks in France, has announced its partnership with the social network Twitter this week to allow their customers to transfer money via tweets. The second initiative of the Bank of France in terms of customers, matches the Twitter effort to enter the world of online payments in an attempt to find new sources of revenue besides advertising.
Twitter competes with other tech giants Apple and Facebook to settle in the new payment services for mobile devices or applications. These companies are working together, and in some cases competing with banks and credit card companies that have led the business for decades. Apple announced in late September the launch of Apple Pay , and last week a hacker discovered the prospective payment system that Facebook is preparing through Facebook Messenger.
The bank said last month it was prepared to offer simple transfers from person to person via Twitter to French consumers, regardless of the bank they use, and without requiring that the sender knows the recipient’s bank details. “( S-Money ) gives users of Twitter in France a new way to send money, regardless of your bank without having to enter the bank details of the recipient, with a simple tweet,” said Nicolas Chatillon, CEO of S-Money Advisor, the unit of mobile payment BPCE, in a statement.
Payments by tweets will be managed by the S-Money bank service that allows money transfers via text messages and is based on standards of data security in the industry credit card. BPCE and Twitter refused to give more details before the press conference in which the service presented in Paris this week.
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