Twitter users in France can now transfer money to their subscribers via tweet. The new feature will allow the service to compete with Facebook, which also relies on the system of money transfer within the social network.
According to the Financial Times, French Twitter has entered into an agreement with S-money, a division of the second largest banking group, Groupe BPCE, for money transfers on the social network between bank card holders. This step opens up great opportunities for making payments in social networks.
This initiative vividly demonstrates our innovative payment strategy. Groupe BPCE is the first banking group that offered users the opportunity to make money transfers using a simple tweet, said Jean-Yves Forel, executive director of Groupe BPCE.
According to Olivier González, the head of French Twitter, the 140 character message is great for making payments. However, he did not specify whether all subscribers can see transactions or not.
Traditional financial institutions are facing competition from technology transfer companies. A social network account can be a convenient way to identify an individual when making online payments.
Last month, Twitter introduced its users a virtual button “Buy” (“Buy”) to pay for purchases within the service. Twitter marketing director Nathan Hubbard called the move obvious, as the communication between buyers and sellers on Twitter often ended with a deal. It should also encourage advertisers to increase budgets for advertising in social networks.
The article is based on materials .
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