It was not that long ago that online banking was rolled out by all major banks, but now anyone living in France with a bank account and Twitter handle can send a tweet to transfer money. The service, called S-Money, was developed by one of France's largest banks and uses the social network to send cash between users, who reportedly don’t even have to enter bank details. 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.
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Payment function was developed by French bank Groupe BPCE
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From today, French residents can transfer money by sending a tweet
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Users of the service need a Twitter handle and bank account
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Details on how it works are scarce, but no bank details need to be entered
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Move coincides with Twitter's attempts to generate revenue by another means other than advertising, with its 'Twitter Buy' button
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Facebook is rumoured to be working on a service that lets friends transfer money to each other without the hassle of remembering bank details
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Last month, Twitter started trials of its own new service, @placeholder, to allow consumers to find and buy products on its social network
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Investors have been worried about Twitter's slowing user growth, sending the shares down about 17 per cent this year, while rival @placeholder's have climbed 35 per cent.
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‘With @placeholder messenger, you attach money just like you attach a photo or a location.