Transfer money through Facebook Messenger

You can now transfer money through Facebook Messenger app. Online money transfer service TransferWise announces a new service which allows users to send money internationally through the chat application.

The startup developed a Messenger chatbot that helps customers communicate with  businesses to carry out tasks, like online purchases and sending money to friends and family; it can also be used to set up exchange rate alerts.

For Messenger users in the U.S. they already have the capabilities to send money domestically. However, Facebook has not made that functionality available for international transfers. TransferWise said its service will be the first to allow international money transfers entirely within the chat application.

Named one of the top fintech startups in Europe, TransferWise launched in 2011 by Estonian friends Taavet Hinrikus and Kristo Käärmann. The company was valued at more than $1 billion and is backed by several high profile investors. The company has customers in over 50 countries transferring about $1 billion using their website each month.

The TransferWise chatbot is only available through Facebook Messenger at present time. However, head of global partnerships for TransferWise Scott Miller, tells Reuters that the chatbot can be adapted to work with other chat services.

The service will be available for United States, Britain, Canada, Australia and Europe. The chatbot will eventually be rolled out to work in other countries and money transfer routes that the company currently operates.

This is not an industry first. Earlier in February PayPal announced its U.S. payments application Venmo would be available within popular chat service Slack. Looks like the mobile payments and international money transfer sector will start getting crowded with competition soon.

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