French bank, Twitter team up for money transfers via tweets

Tuesday, October 14, 2014

(Reuters) – One of France’s largest banks is teaming up with social network Twitter Inc. (TWTR.N) this week to allow its customers to transfer money via tweets.

The move by Groupe BPCE [BPCE.UL], 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.

Twitter is racing other tech giants Apple (AAPL.O) and Facebook (FB.O) to get a foothold in new payment services for mobile phones or apps. They are collaborating and, in some cases, competing with banks and credit card issuers that have run the business for decades.

Source: Reuters (link opens in a new window)

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Technology
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alternative finance, financial services, mobile applications, mobile money