Groupe BPCE, one of France’s largest banks is teaming up with social media site Twitter to allow its customers to transfer money via tweets.
According to a report published by CNBC The move by Groupe BPCE, France’s second largest bank by customers, coincides with Twitter’s own push into the world of online payments as the social network seeks new sources of revenue beyond advertising.
The bank had last month, said that it was prepared to offer simple person-to-person money transfers via Twitter to French consumers, regardless of what bank they use, and without requiring the sender to know the recipient’s banking details.
“(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,” Nicolas Chatillon, chief executive of S-Money, BPCE’s mobile payments unit, said in the statement.
Payment by tweets will be managed via the bank’s S-Money service, which allows money transfers via text message and relies on the credit-card industry’s data security standards.