The popular money transfer company “TransferWise” has recently launched a new service that will allow users to send money around the globe through Facebook Inc’s chat application, as competition in the digital payments landscape intensifies.

The London based company had developed a Facebook Messenger “chatbox” on Tuesday that will help people communicate with business and also carry out tasks as online purchases.

The TransferWise chatbot enables users to transfer money to friends and family to and from America, Britain, Canada, Australia and Europe from Facebook Messenger. The chat box will also set up exchange rate alerts.

Facebook already has the service of money transfer. Only within the United States via its Messenger app. Till now the company has not launched international money transfer service.

TransferWise said that its service will be the first to enable international money transfers entirely within Messenger.

Facebook opened up its Messenger app for developers to create chatbots in April last year in order to expand its reach in customer service and enterprise transactions.

TransferWise is Europe’s one of the most well knowing fintech companies. It was launched in 2011 by Estonian friends Taavet Hinrikus and Kristo Käärmann. They launched the company out of frustration with the high fees they were being charged by banks for international money transfers.

The company is valued at more than a billion$ and is backed by several high profile investors, including Silicon Valley venture fund  Andreessen Horowitz, Virgin Group founder Sir Richard Branson, and PayPal co-founders Max Levchin and Peter Thiel, through his fund Valar Ventures.

The service is available in more than 50 countries and roughly $1Billion is transferred through its website every month.

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