The race is on for social media payment services through mobile phones or apps; Instagram has had some direct buy workarounds, and Twitter introduced the Twitter Buy button last month, but this is the first time a bank has gotten on board. One of France’s largest banks, Groupe BPCE, has teamed up with Twitter to allow its customers to transfer money via Tweets. Their mobile payments unit is called S-Money.
— Groupe BPCE (@GroupeBPCE) October 13, 2014
Translation: Payment by tweet | Follow LT #TweetezPayez tomorrow morning at 9:00 am via @GroupeBCPE
According to the chief executive of S-Money, Nicolas Chatillon, “S-Money offers Twitter users in France a new way to send each other money, irrespective of their bank and without having to enter the beneficiary’s bank details, with a simple Tweet.”
This is good news for Twitter if it wants to enter be profitable, remain in the advertising game and be competitive with other social media platforms. For consumers, this will be a convenience, another way to quickly do business.
Tomorrow’s news conference with Twitter and BPCE should give us more details. Will the French utilize this new service or remain wary? We’ll have to watch and see. Meanwhile … is this a service you’d use if it were available in the U.S.?