Groupe and Twitter team to launch new mobile payments service

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Groupe has partnered with Twitter to launch a new money transfer service on the social network

Groupe BPCE, one of France’s largest banks, has announced that it is partnering with Twitter in order to break into the mobile commerce space. A growing number of European financial institutions have been showing strong interest in mobile payments, and more are beginning to break into the mobile space in order to engage consumers in a more dynamic way. These organizations have taken note of the rising demand for mobile commerce services and are positioning themselves to accommodate this demand.

Service will be available in France, and money transfers can be made with a single tweet

With Twitter, Groupe BPCE members will be able to make money transfers through the social network. This can be done through a simple tweet, and money transfers can be made no matter what bank the recipient uses. The service will only be available in France, but is linked to Twitter’s overarching mobile commerce push. The social media company has been rushing to break into the mobile payments space in order to establish a strong foothold therein to compete with companies like Apple and Google.

Twitter continues to push into the growing mobile commerce market

wallet qr code mobile paymentsLast month, the social media company began trials for its new Twitter Buy feature. This feature allows people to purchase products directly from the social network rather than having to visit a retail website to purchase these products. The Twitter Buy feature is designed with the mobile space in mind. Twitter has been forming partnerships with retailers and financial institutions alike in order to provide better commerce services to consumers.

New feature will rely on the S-Money service

Money transfers through Twitter will be handled by Groupe BPCE’s S-Money service. This facilitates money transfers via text messages and makes use of common data security standards from the credit industry. Though the service will only be available in France, Twitter may opt to launch similar services in other markets in order to expand its reach in the mobile commerce space.

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