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Facebook Now Allows You to Transfer Money As Well

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The competition in the digital payments intensifies with time and we see the money transfer companies coming up with new strategies to make themselves better than the rest. Quite lately, TransferWise, a renowned money transfer company has introduced a new service which allows the users to send money through Facebook Messenger.

This London-based startup said that they have launched a Facebook Messenger “chatbot” which is an automated program which helps the users communicate with businesses and other users. It even allows them to do online shopping.

The chatbot launched by TransferWise allows the users to send money to family and friends to and from the United States of America, Canada, Australia, Britain, and Europe through Facebook Messenger. It can also be set up to provide exchange rate alerts to the users.

Facebook has already allowed its users in the United States of America to send money in any part of the country through the Facebook Messenger app but such services haven’t been launched internationally yet. TransferWise claims that it is the first ever service to allow international money transfer through Messenger.

In April, Facebook opened its Messenger app in a bid to the developers so that they can create chatbots. The purpose was to enhance its reach in customer service and to provide an opportunity for enterprise transactions.

In enterprise technology, chatbots have taken the lead in becoming a hot topic because of the recent advances in the field of artificial intelligence. They have become better in interacting. Businesses like banks are hoping to use them for their customer service purposes which will potentially lower down the operational costs.

TransferWise is one of the most well-known fintech companies in Europe which was launched in 2011. This was an initiative by Estonian friends Kristo Kaarmann and Taaver Hinrikus who were frustrated because of the high fees which is charged by banks for international money transfers.

The company stands at the value of $1 billion and is sponsored by a number of influential people including Virgin Group founder Sir Richard Branson, Silicon Valley venture fund Andreessen Horowitz, and PayPal co-founders Peter Thiel and Max Levchin.

Around $1 billion is sent by customers from 50 different countries through this service in a month.

The TransferWise chatbot is currently available with Facebook Messenger but it can be adopted with a number of other popular chat services according to Scott Miller who is the head of global partnerships for TransferWise. He has said that the company will eventually extend its work to other countries as well.

 

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  • facebook money transfer: buzzmycode

About Muzammil Baig

Muzammil Baig
Muzammil Baig Web trailblazer. Introvert. Business Nerd. Food aficionado. Zombie evangelist. Avid coffee enthusiast.a writer by day and reader at night.