Twitter’s new payment service will let people send money to other users

Twitter users will soon be able use the social networking site to send money to other users. A news conference in Paris on Oct. 14 will officially unveil the new service.

The company is working with the French banking group, BCPE, and its online payment system ’S-Money’. According to BPCE, people will be able “send money to other users easily, rapidly, securely and free of charge with a simple tweet.”

BPCE, headquarted in Paris, has more than 8,000 branches and over 36 million clients.

S-Money CEO Nicolas Chatillon, said in a press release:

“The ease of use and immediacy of the S-Money payment solution for individuals is perfectly adapted to the Twitter user experience,”

Twitter is joining the race, along with Google, Apple, and Facebook, to provide its users with payment services.

Google has the Google Wallet service and Apple will soon be entering the market with the Apple Pay system, which will allow iPhone users to buy products in shops and online using an electronic payments infrastructure supported by Mastercard and Visa.

The move represents Twitter’s entry into online payment solutions. The social network is actively looking for new revenue sources. A month ago it revealed plans to let companies sell products directly from a Twitter stream.

A statement from Twitter said:

“We are beginning to test a new way for you to discover and buy products on Twitter.”

“This is an early step in our building functionality into Twitter to make shopping from mobile devices convenient and easy.”

“Users will get access to offers and merchandise and can act on them right in the Twitter apps for Android and iOS. Sellers will gain a new way to turn the direct relationship they build with their followers into sales.”