Money Transfer via Tweets

The next time you want to wire money to someone, you can turn to Twitter — that is, if you live in France. Your 140-character messages could be worth real money soon!

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Groupe BPCE, one of the largest banks in France, is enabling money transfers via tweets through its electronic money subsidiary, S-Money, in an effort to attract attention and users to its S-Money mobile payments unit, which already allows people to transfer money over mobile phones via text message.

S-money

To make an S-money payment over Twitter, sender and recipient must first link their Twitter usernames to their S-money accounts, and the sender must also install the app on their phone. After that, it’s as simple as sending a tweet to @SmoneyFR with the hashtag #envoyer (send), the amount in euros and the Twitter username of the recipient. That’s almost as simple as making a regular payment via the app, which involves entering the email address, phone number or S-money username of the intended recipient, and the amount to be sent. There is no need to know the recipient’s banking details.
In both cases, the app will then display the transaction details and ask for a PIN code to confirm it. Once that is entered, the recipient receives an SMS informing them the payment has been made to their account.
The difference is that the payment orders sent by Twitter are visible to everyone.
This is just another attempt by Twitter to try and compete with Apple and Facebook to get a foothold in new payment services for mobile phones or apps. Last month, Twitter started trials of its own new service, dubbed “Twitter Buy”, to allow consumers to find and buy products on its social network.
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