Time in Yerevan: 11:07,   25 April 2024

French bank to allow sending money with Tweets

French bank to allow sending money with Tweets

YEREVAN, OCTOBER 14, ARMENPRESS: Do people want to use Twitter to transfer money? A French bank is about to find out.

Groupe BPCE, one of the country’s largest banks, will introduce a service on Tuesday that allows individuals to send money with just a few clicks on the social network, Armenpress reports citing The New York Times.

The product, which will be available only to people with French bank accounts and cellphone numbers, will link individuals’ Twitter accounts to BPCE’s existing money transfer service.

As part of the service, called S-Money, people will be able to transfer up to 500 euros, about $635, through their Twitter accounts in the latest sign of how technology is seeping into the world of banking.

‘‘The service is instantaneous,’’ said Nicolas Chatillon, the head of the BPCE unit that is overseeing the project. He first approached Twitter with the money transfer idea over the summer. ‘‘We are pioneers,’’ he said. ‘‘We’re trying to make life easier for Twitter users.’’

The American tech giant, which is testing a ‘‘buy’’ button that can be embedded in posts that allow users to buy products through their smartphones or computers, did not directly partner with BPCE on the money transfer service.

Instead, Twitter allowed the French bank to incorporate its social network into the company’s own money transfer service.

To send money, users must post on Twitter with the money service’s username, the Twitter handle of the person who will receive the money, the amount that will be sent and the hashtag ‘‘envoyer,’’ for “send” in French. The Twitter messages then automatically directs users to BPCE’s money transfer product to complete the transaction.

All of the Twitter messages will remain open to the public, allowing anyone to see who has sent money to others on the social network.

The use of Twitter to send and receive money comes as a number of other tech companies are pushing into financial services.

Google has been trying to break into the banking sector since it introduced its online checkout service in 2007.

In August, Facebook announced a deal with Rakuten Bank of Japan that allows users to transfer money to others using the service. And Apple unveiled a mobile payments service last month.

‘‘They are replicating many of the services that banks already offer,’’ said Oliwia Berdak, an analyst with the technology research company Forrester Research in London. ‘‘What Apple and Twitter are doing really adds visibility to what’s going on.’’

Mr. Chatillon of BPCE said the initial service would focus on transfers between individuals, as well as to crowd-funding and charity campaigns.

To avoid fears about money laundering, people will only be able to send a maximum of €250 per transaction to others using their Twitter usernames and €500 to charities or crowd-funding campaigns.

‘‘We take issues about fraud very seriously,’’ said Mr. Chatillon, who added that transactions would be sent securely over the bank’s encrypted online systems.

The service will be free for money transfers between individuals, but the bank will charge companies and charities roughly 1 percent or 2 percent of the total transaction.

Currently, BPCE’s money transfer service has around 100,000 users in France, but Mr. Chatillon said that the use of Twitter could help expand the product’s appeal, especially with younger users.

‘‘Maybe we will be followed by others,’’ he said, in reference to other banks potentially using Twitter to allow people to transfer money. ‘‘We’re trying to integrate payments into the digital world.’’

 








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