Why Payment Companies Are Flocking To Messaging Apps

Money is surprisingly social. Venmo was one of the first U.S. startups to capitalize on that realization, designing its mobile app around an emoji-ridden social feed. Now messaging apps are seeing the light and welcoming financial services companies onto their platforms. Today, TransferWise enters the fray with the launch of its Facebook Messenger bot. As with the TransferWise app, the bot provides a lower-cost means for executing cross-border payments. It will compete against a similar offering from Azimo Ltd., which announced its Messenger integration in August. “We’ve been eyeing the messengers because it’s such a natural place for customers to want to send money,” says Scott Miller, TransferWise’s head of global partnerships. For Facebook, any feature that encourages users to spend more time in the Messenger app is a win. Engagement is the goal, rather than directly monetizing payment processing or other banking functions. For fintech startups like TransferWise, the goal is to become ubiquitous across platforms, so that users need just one account and profile for digital transfers. Read more at Fast Company.