Facebook has partnered with TransferWise in a move that will enable users to send money to friends directly through the social platform's messaging app.
The service has been set up as a bot within Facebook Messenger. The automation software comprehends natural language, and will guide users through the process of making an international money transfer without leaving the app.
Scott Miller, head of partnerships at TransferWise, said that although transferring money over Facebook will take the same amount of time as it does on the company’s website, the launch of the bot will make sending money much more convenient for Facebook Messenger users.
Speaking to WIRED, he explained: “The benefit is people are spending an awful lot of time in Facebook Messenger and they don’t want to take that time to close that app, go into another app, sign in and make that transfer.”
Users will also be able to set alerts that mean they are notified by the bot when a specific foreign exchange rate they are interested in hits a certain level.
Using the bot is free, and has no effect on the prices or rates offered. It can be used to transfer money between the UK, US, Europe, Canada and Australia, and will eventually be rolled out to all 50 countries and 600 currency exchange pairings.