Breaking News Emails
One of France's largest banks is teaming up with social network Twitter Inc. this week to allow its customers to transfer money via tweets. 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. Twitter is racing other tech giants Apple and Facebook 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. The bank said last month it was prepared to offer simple person-to-person money transfers via Twitter to French consumers, regardless of what bank they use, and without requiring the sender know the recipient's banking details. Payment by tweets will be managed via the bank's S-Money service, which allows money transfers via text message and relies on the credit-card industry's data security standards. BPCE and Twitter declined to provide further details ahead of a news conference in Paris on Tuesday.