Recent Twitter news revealed that MasterCard is planning to tie up with the microblogging website as well as Facebook. Apparently, the social media giants could help amp up the company's payment services.
CNBC reported that the finance company has expressed their interest in partnering with Facebook and Twitter to build up their payment services. A top executive of MasterCard made the announcement in an interview at the Money 2020 fintech conference in Copenhagen on Monday.
"We see companies like Facebook and Twitter occupying a really good space in social media and we are always over in Silicon Valley talking to those companies," the president of international markets told the publication. "I think the way we would work with them is just the way we work with the other tech giants, we would figure out what we can do together, where our network could play into their space and connect up. Obvious spaces are if they want to offer payments to their clients and if you think about somebody like Facebook, it would probably be something like a P2P (peer-to-peer) service."
This Twitter news resulted to the company seeing surges in its shares for up to 6.98 percent. The social media sites have launched financial services in their respective platforms.
Last year, Facebook made a peer-to-peer money transfer service available to Messenger users in the U.S. People can now send money through the app by linking their U.S. bank-issued MasterCard or Visa debit card. However, the two companies do not have a formal partnership yet.
Twitter, on the other hand, has included a "Buy Now" button that companies can place into a tweet. This allows users to shop on the microblogging site.
According to Business Insider, the Twitter news appear to be more of a hint on MasterCard's interest in working with tech companies rather than the actual deal with the social media websites. It was noted that Twitter CEO Jack Dorsey is also the CEO of Square, which is an electronics payment company that competes with MasterCard in some ways.
