French Bank Groupe BPCE Allows You To Send Money Via Twitter


Groupe BPCE, the second largest bank in France in terms of customers, announces a new service that will let French customers send money over Twitter, according to Reuters.

It's unclear exactly how the service will work — whether it will use Twitter's limited direct messaging service or replies, for example — but Reuters points to a statement from Groupe BPCE made last month that says the new service, which will fall under the umbrella of the bank's existing mobile payments system S-Money, will allow person-to-person payments no matter what bank the sender and recipient are using.

The news comes after Twitter's introduction of a "buy" button in early September, which allows businesses to let customers purchase items directly within a tweet.

Third-party services including Dwolla also already support money transfer options through Twitter and other social networks. Twitter's recent moves into e-commerce are somewhat ironic, given the fact that former Twitter cofounder Jack Dorsey went on to found his own mobile payments startup, Square, back in 2009.

"From the Twitter point of view, there is a limit to their appetite for getting involved in payments processing itself," said Andrew Copeman, a payments analyst with financial services research firm AITE Group, who is based in Edinburgh, Scotland.

"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 initiatives," he said.

Twitter's success in developing additional services on its platform as Facebook has done will be key to its future profitability. Rakuten Bank (4755.T) in Japan offers a similar "Transfer by Facebook" service that lets users of its mobile banking app send money to anyone in their Facebook friends list.

Investors have been worried about Twitter's slowing user growth, sending the shares down about 17 percent this year, while rival Facebook's have climbed 35 percent.

Thomas Husson, a marketing strategy analyst with Forrester Research, said Twitter was likely to multiply efforts to explore new ways to generate revenue with banks and credit card firms.

"Twitter wants to more explicitly demonstrate the overall value of its network as an advertising platform," he said.
French Bank Groupe BPCE Allows You To Send Money Via Twitter French Bank Groupe BPCE Allows You To Send Money Via Twitter Reviewed by Daniel Weaver on Tuesday, October 14, 2014 Rating: 5

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