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Twitter’s bank partnership lets users 'tweet' money to each other

Twitter has revealed it is collaborating with one of France's largest banks to enable users to "tweet" money to each other.

The social network announced that the digital payments service would operate in conjunction with Groupe BPCE and would launch later this month.

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"Starting in October, all Twitter users in France – irrespective of their bank – will be able to simply 'tweet' money to one another thanks to the S-money service developed by Groupe BPCE," the bank confirmed in a statement.

Users will simply need a bank card and a Twitter account in order to use the service.

The platform has been developed by S-Money, the electronic money subsidiary of Groupe BPCE, which also operates an e-wallet solution on smartphones in the country.

Nicolas Chatillon, CEO of S-Money said that the platform's simplicity and user-friendliness made it a perfect fit for the social network.

"The ease of use and immediacy of the S-Money payment solution for individuals is perfectly adapted to the Twitter user experience," he said. "It offers Twitter users in France a new way to send each other money, irrespective of their bank and without having to enter the beneficiary's bank details."

Twitter will receive a fee from each transaction, providing the social network with an additional source of income. Previously, all its revenue was supplied through advertising deals.

A number of firms have begun making inroads into the e-commerce market, with Facebook and Apple set to offer payment solutions to customers.

Read more: Hidden friend-to-friend payment service found in Facebook Messenger

Last week, leaked screenshots revealed that Facebook has the potential to turn its Messenger service into a money transfer platform.