French Bank, Twitter Team Up for Money Transfers Via Tweets

Jo-Carolyn Goode | 10/13/2014, 7:45 a.m.
According to Reuters, one of France's largest banks is teaming up with social network Twitter Inc. (TWTR.N) this week to ...
View of the BPCE banking group headquarters during the company's 2011 annual results presentation in Paris February 23, 2012. CREDIT: REUTERS/BENOIT TESSIER

BY LEILA ABBOUD AND ERIC AUCHARD

According to 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.

For the full story, visit Reuters.com