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Transferwise, one of the largest instant money transfer provider based out of London, England has launched its brand new service which enables user to send money internationally through Facebook. The Launch has come with no surprise as Transferwise has been looking for a way to creatively attract a wider scope of audience since closing its investment of $26 million.
Transferwise has integrated its services into Facebook using the very familiar Facebook Messenger. It is a Messenger ‘Chatbot’ which allows its users to connect with businesses and even perform online purchases. The app however is predominantly based around Transferwise’s instant money transfer service. It will allow customers to send money online to and from Europe, Australia and the Americas.
How does the app work?
The ‘Chatbot’ allows users to transfer funds into their local Transferwise account form their country of residence. Transferwise will then transfer money from an account located in the recipient’s country in the currency of their choice. By Transferwise sending money in this method it allows the company to cut costs as opposed the more traditional way of money transfer; thus making the transfer fee’s cheaper. The user will interact with the messenger which will simulate a real life human conversation; this is to maintain simplicity and comprehensibility.
In April 2016 Facebook opened its Messenger platform to invite developers to create ‘Chatbots’ in attempt to extend its reach. With this revelation, ‘Chatbots’ have become increasingly popular allowing industries to build their services around the Facebook platform.
The idea of integrating money transfers and social media has been a concept which has been floating around in the air for the last 12 months which is no wonder why Transferwise has jumped on the idea. Some say that Transferwise jumping ahead of Facebook on this functionality is actually very strategic as Facebook doesn’t yet let users send money outside of the United States, limiting its services to just the USA. Transferwise has very likely taken this as a window of opportunity to attract Facebook users before the competition become fierce.
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