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In France, Transferring Money With Tweets

Twitter users in France will soon be able to transfer money to one another using a new feature.
Posted at 12:32 PM, Oct 13, 2014

We don't know much about how it'll work, but Twitter users in France will apparently soon be able to transfer money through tweets.

KTVZ: "The move coming as Twitter's trying to make a push into online payments as it seeks other sources of revenue beyond advertising." 

It's calledS-Money — a partnership between Twitter and one of France's largest banks. 

The exact details about how the service will work have yet to be released — which leaves room for plenty of questions about security. 

A writer for The Financial Times reports"The company did not say whether the transaction would be kept private, or visible to people you know."

One possible model could be adopted from the bank Twitter has teamed up with, "which allows money transfers via text message and relies on the credit-card industry's data security standards."

PCWorld notes that system stores all data on secure servers and not on the phones. Also, a PIN must be entered in order for all transactions. 

The move seems to be an effort from Twitter to catch up to rivals like Apple and Facebook, which have already launched successful mobile-payment systems. 

However, Twitter did unroll its "buy" button in September that allows users to make transactions directly from a tweet. 

Twitter's new addition probably won't come without stiff competition, though, as there are rumors Facebook could soon roll out a payment system via its mobile app. 

This video includes an image from Getty Images and music from Pierlo / CC BY 3.0.