Groupe BPCE, the second largest bank in France in terms of customers, is teaming up with Twitter for a payment solution that allows sending of money through tweets.
The agreement between the two parties coincides with the push of Twitter into online payments, as the social network continues to look for new revenue sources in addition to advertising.
In a press release last month, the bank said that it was preparing to offer person-to-person money transfer through Twitter for customers in France, no matter what bank they are using, and without the sender of the money knowing the banking details of the receiver.
The service, developed by S-Money, Groupe BPCE's electronic money subsidiary, will allow French banking customers to transfer money to the accounts of others "easily, rapidly, securely and free of charge with a simple tweet."
"The ease of use and immediacy of the S-Money payment solution for individuals is perfectly adapted to the Twitter user experience," said S-Money CEO Nicolas Chatillon in a press release.
S-Money will be managing the payments sent through tweets, but further details were refused to be disclosed by both Groupe BPCE and Twitter as there will be a news conference in Paris on Oct. 14 that will officially unveil the service.
While the service provides an added option for customers to send money and payments through their mobile phones, the service may also present additional possibilities for hackers to infiltrate the bank accounts of unsuspecting victims. The unveiling of the service will come at a time when security in the financial services sector is being criticized, as reports reveal rampant hack attacks on companies such as JPMorgan, Fidelity, and at least 13 more companies.
Twitter is also currently testing its "Twitter Buy" service, which allows users to purchase items or donate money to charities through the social network. Users that click on the "buy" button for a product are redirected to a page where they can input their credit card information and home address.
Twitter is currently in a race with tech giants Google and Apple to grab an early slice of the market for payment services made through mobile phones and apps. Google has the Google Wallet service, but along with other mobile payment systems, the adoption rate has been dismal. Apple is now entering the competition with the Apple Pay system that it has recently unveiled, looking to make mobile payments more mainstream.
