Facebook Messenger embraces digital money with new TransferWise bot

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You will now be able to transfer money through the Facebook after international money transfer company, TransferWise launched the Facebook Messenger money transfer chatbot on Tuesday.

The service will only be available in the US, Canada, Europe, Britain, Canada and Australia.

Users will also be able to receive exchange rate alerts through the chatbot, CNN reports.

The Transferwise Facebook Messenger chatbot launch further increases competition in the digital payments market, further threatening conventional banking.

Already, the growing use of cryptocurrency is quickly displacing other digital payment services, especially among online entrepreneurs.

TransferWise money transfer takes about 2-3 days and is said to have cheaper rates than banks.

Here is how the service works: