Twitter is partnering with France's second-largest bank this week to let customers transfer money with a simple tweet. The two are expected to unveil details at a press conference in Paris on Tuesday, Reuters reported.
Twitter's person-to-person (p2p) money transfer feature will tap into Groupe BPCE's S-Money smartphone app, which lets customers transfer money without knowing the recipient's bank account. Customers can make payments to friends and family after completing an online form that asks for users' bank information. Reuters reports that S-Money relies on the credit card industry's security standards.
Last month, the social network introduced Twitter Buy, allowing users to find and buy products. Its move into the financial sector could extend the social networking site's revenue earning power beyond advertising.
A number of p2p mobile payment apps are particularly popular with millennials, who use the services to pay for everything from restaurant bills to rent.