Since the internet was created, creative entrepreneurs tried to find ways to integrate the movement of money. Many modern innovators have been involved in early online efforts to integrate the financial world and the internet. After all, the ability to instantly transfer information over vast distances is an extremely appealing prospect to businesses everywhere.
Elon Musk founded X.com, which later merged with a young PayPal. Today, he’s the CEO and Founder of Space X and Tesla. In fact, many early employees of PayPal have gone on to become CEO’s or founders of the Internet’s largest companies such as Youtube, LinkedIn, Yelp, Palantir Technologies, and Reddit.
In 2017, our culture is willing to accept technology as an extension of ourselves, and we are ready to send and receive money with confidence. The transfer of money is a feature being implemented by many of these applications, as they continue to push more of our footprints through their platforms.
In 2014 Snapchat partnered with ‘Square’ to release Snapcash, an alternative to e-transfers. Facebook Messenger has been integrated with PayPal, Stripe, Visa, MasterCard and American Express, however, as of last month, it is now integrated with TransferWise. This means that users can send money internationally through a chatbot that understands natural language.
This service is available for payments to and from the U.S, Canada, Australia, the U.K and Europe. It is set to offer all 50 countries and 600 currency exchange pairings that TransferWise supports in the future.
Various bank strategists are hesitant and see a large margin for error because the chat bot is trying to predict natural language and that is never 100% accurate.
No invention goes unopposed and their points are reasonable areas of concern. Time will tell who users trust the most to handle their money, and on what platform that may be. Will it be a social platform like Facebook? A dedicated money app like Venmo? A operating system’s native solution, such as Apple Pay?
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