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Topics include: Direct to consumer / E-commerce / Data & privacy / Martech

Digital payments market hots up as Facebook teams with TransferWise

Digital payments market hots up as Facebook teams with TransferWise

Facebook users will soon have another means at their disposal to part with their cash as the social network begins accepting money transfers facilitated by TransferWise on its chat app.

The digital payments start-up confirmed that it had developed a custom ‘chatbot’ for Messenger capable of conducting online purchases or wire money to friends and family in Europe, Australia and North America.

Facebook has long facilitated domestic transfers of cash in the US but this is the first time such a system has been rolled out on an international basis entirely within the Messenger system.

TransferWise now operates in over 50 countries, overseeing approximately $1bn of transactions on its website each month. Sensing opportunity for further growth TransferWise alighted on Messenger back in April after Facebook opened the door to developers wishing to create chatbots for the platform last April.

Several high profile investors have staked their colours to TransferWise’s success including Virgin Group founder Sir Richard Branson, and PayPal co-founders Max Levchin and Peter Thiel.

TransferWise has already broken into the North American market with a push into New York City.

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