Twitter has teamed up with French bank BPCE, and Twitter users in France will be able to send money to their friends using a new payments by Tweets service.
Users on Twitter in France will be able to send the money without knowing their friends’ bank details. All the information they will need to send money is their friends’ Twitter username.
How the Service Works
The new service, known as S-Money, simplifies the process of transferring money between individuals. By leveraging the social media platform, BPCE aims to make financial transactions as easy as sending a tweet. This innovative approach eliminates the need for traditional banking details, which can often be cumbersome to share and manage.
“(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.
The service will be officially unveiled in Paris tomorrow, and we should have more details about how exactly it will work when it is announced.
Potential for Expansion
While the service is currently limited to France, there is significant potential for expansion. The convenience and simplicity of sending money via Twitter could appeal to users in other countries as well. However, regulatory and security considerations will play a crucial role in determining whether this service can be rolled out globally.
It is not clear as yet whether the service could be expanded to other countries in the future. As soon as we get some more information, we will let you guys know.
The collaboration between Twitter and BPCE is a notable example of how social media platforms can be integrated with financial services to offer innovative solutions. This partnership could pave the way for similar collaborations in other regions, potentially transforming the way people think about and use social media for financial transactions.
Moreover, the introduction of S-Money could encourage other banks and financial institutions to explore similar partnerships with social media platforms. This could lead to a broader range of services that make financial transactions more accessible and user-friendly.
The partnership between Twitter and BPCE represents a significant step forward in the integration of social media and financial services. By making it easier for users to send money to their friends with just a tweet, this service has the potential to revolutionize the way we think about and conduct financial transactions. We will keep you updated with more details as they become available.
Source, Techmeme
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