Facebook users in the United States, Canada, Australia and Europe can now use Facebook Messenger to send and receive money. TransferWise, a money transfer company launched the service on the Facebook chat application. The feature can also be used to set up exchange rates.
TransferWise was launched in 2011 by three friends who were frustrated with the high fees they were being charged by banks for international money transfers.
TransferWise developed a automated program to help Facebook users communicate with businesses and conduct online purchases, according to The Rand Daily Mail the London-based startup enables users to send money domestically in the United States via its Messenger app, the company is yet to launch similar services internationally.
Business Live reports that the TransferWise chatbot is only available in Facebook Messenger it can be adapted to work with other popular chat services, Scott Miller, head of global partnerships for TransferWise said. He said the service would eventually be extended to work in other countries and money transfer routes that the company operates in.
Rauters reports that the services carried out by TransferWise will be the first of its kind to enable international money transfers within Facebook.
The feature on Facebook Messenger was open to app developers to create chatbots with the aim to expand customer and enterprise transactions reach. Businesses, including banks, are hoping that they can be used to improve and reduce the cost of their customer service operations.