Boston, MA 10/14/2014 (wallstreetpr) – Twitter Inc. (NYSE:TWTR) is making a push for the fast-growing payment processing business, which other tech companies are also closely eyeing. The giant social network has partnered with France largest bank, Groupe BPCE as it looks to enable its users in France transfer money via tweets. The service will be enabled by the banks S-Money division and will be free of charge.
Push for Payment Processing Systems
Irrespective of the different bank accounts that people might have, users will be allowed to transfer money without having to input any banking detail for a given transfer. It is another milestone for Twitter Inc. (NYSE:TWTR), which has over the years remained focused on connecting people while getting most of its revenues from advertising. It is not yet clear whether once, one transfers money the same message will be revealed to other contacts as is, usually, the case with normal tweets.
Mobile Payment Processing systems continues to grow at an alarming rate as people continue to yearn for the convenience when carrying out transaction. Apple has already highlighted its intention to tap into the space with Apple Pay. EBayInc. (NASDAQ:EBAY) is also planning to spin off PayPal as it looks to make the entity competitive and independent in the space.
Twitter’s Vision
The entry into the payment processing business highlights Twitter’s vision of expanding its revenue streams as it looks to compete hand in hand against other giant online companies. The social network has already unveiled ‘Twitter Buy’ a platform that allows users to search products of their choice on the platform. Addition of more products and services on the platform is expected to have a significant impact on the company’s top line growth.
Twitter’s new payment processing service comes on the heels of Facebook Inc. (NASDAQ:FB)’s ‘Transfer by Facebook’ a service that also allows users to transfer money to any of their friends. International expansion as well acquisitions are expected to play an important role in taking the company to new greater heights in the near future.
