Boston, MA 10/15/2014 (wallstreetpr) – The thought of social networking site remaining with limited presence would no longer be applicable to Twitter Inc (NYSE:TWTR). It is the turn of the payment services to be explored by various technology companies. The growth in smart devices jells well with the idea of payment services. The social networking site’s move also indicated that there would be much more than a simple tweet or re-tweet for the users.
It was Apple Inc. (NASDAQ:AAPL) who thought that its iPhone users should not search for a payment service. The net result, it added Apple money features in its latest iPhone 6 models. Twitter Inc (NYSE:TWTR) did not want to lag behind and was willing to oblige to take part in the race to compete in the payment business.
France Bank Allows Twitter Inc (NYSE:TWTR)
According to a report in Bloomberg, Twitter Inc (NYSE:TWTR) has been allowed to offer payment services by the second biggest bank in terms of branches in France, Groupe BPCE. This would enable the account holders of Twitter Inc (NYSE:TWTR) an easy, secure, free of charge and rapid money transfers from the comforts of their accounts.
However, the services would be restricted to France only since the users needed to have French cell phone numbers and bank cards. There was also an indication that transactions would be limited to paying a user 250 euros while it would be 500 euros for sending money to crowd-funding or charities.
Re-Tweet Blocked
Groupe BPCE’s e-payment unit S-Money’s Head, Nicholas Chatillon, said for security reasons, re-tweets are blocked. He said that payments would happen through a familiar language on the tweets, which would produce a proprietary S-Money verification on smartphones. He added that the services were available for individuals for free of cost. However, plans are on the way to include corporate also.
While clarifying that its unit was not in partnership with Twitter Inc (NYSE:TWTR), he said that the services were offered for pooled payments, charity fundraising and crowd-funding. Initially, payments would be made by visible tweets while transfer of money might also become possible by direct messaging.
