Groupe BPCE Customers could soon transfer Money via Tweets

Groupe BPCE Customers could soon transfer Money via Tweets

Groupe BPCE, France's second-largest bank, is teaming up with social networking site Twitter, to allow its customers to transfer money via tweets. Groupe BPCE has more than 8,200 branches nationwide under their respective brand names, serving nearly 40 million customers.

Back in September, Groupe BPCE said that it will offer 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.

Payment by tweets will be managed via S-Money, an electronic money transfer subsidiary of BPCE, which allows money transfers via text message and relies on the credit-card industry's data security standards.

Nicolas Chatillon, Chief executive of S-Money, mobile payments unit of BPCE, said, “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”.

Both BPCE and Twitter have planned to reveal further details of this new money transfer service ahead of a news conference in Paris on Tuesday.

Twitter also started trials of its own new service, dubbed ‘Twitter Buy’, to allow consumers to find and buy products on its social network.

Twitter added a ‘Buy’ button inside tweets which would allow its users to buy products without moving to the e-commerce platform. Burberry Group plc and The Home Depot, Inc. were some of the first few vendors using the Twitter Buy button.

Andrew Copeman, a payments analyst with financial services research firm AITE Group, based in Edinburgh, Scotland, said, “At the moment, banks are probably viewing Twitter and other social media networks as marketing channels to reach a wider set of their customers and to extend the bank’s existing mobile banking initiative”.

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