Facebook entry into cash transfer service hots up competition

"Our mission is to bring faster, cheaper, and more convenient international money transfers to everyone in the world and building the TransferWise bot for Messenger is a great step in that direction," stated Scott Miller, TransferWise Head of Global Partnerships.PHOTO:COURTESY

Facebook last week revealed that its users in the United States, Britain, Canada and Australia can now send money to each other as they chat without additional costs.

This follows a partnership by the financial technology startup TransferWise and Facebook Messenger and is another marker of the next wave of disruption expected to hit the financial services sector.