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PayPal’s 1st Slack bot supports P2P Money Transfer

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PayPal’s 1st Slack bot supports P2P Money Transfer

PayPal, an online payment platform is launching its first Slack BOT, enabling its customers to send money from one PayPal account to another without leaving a Slack conversation. This new slack BOT can be installed from the Slack Application Directory.

The chat bot will enable Slack subscribers to send money to their families and friends by typing commands such as “/PayPal send $100 to @Don.” It’s available to the PayPal customers in the United States, Canada, the United Kingdom, and Australia.

According to the report released by PayPal, payments between customers is the frequently used feature, processing an approximate amount of41 billion dollars in that volume in 2014 across Xoom, Venmo and PayPal Holdings businesses.

The online payment platform has been doing its best to integrate its services into several website platforms including a BOT on Facebook Messenger, a tie-in with Microsoft Outlook and voice-activated payments with the Apple’s Siri. PayPal’s Messenger bot is capable of accessing transactions and following up receipts, though the Messenger integration is only available in the United States for now.

P2P payments space has been increasing since last year. Venmo, which was acquired by PayPal, is an application used for that purpose. Other service launches of the same category include the Google Wallet, Square Cash, and Snapchat’s payments. The trend is more developed in countries like Asia where WeChat integrated services such as in-store and mobile payments.

Slack at the moment has approximately five million users. It has also released its Enterprise Grid edition which aimed at appealing to bigger firms across the world. PayPal has released a report saying that they have more than 192 million customers across the globe.

Meanwhile, PayPal has refused to be interviewed concerning the service with IT World Canada.

In other news

Last month, Thailand launched a new mobile payments system allowing customers to transfer money easily and cheaply than those offered by conventional banks. This mobile payments scheme aimed at pushing Thai people into the formal economy.

The money transfer system, PromptPay, enables registered customers to transfer their funds to the other people using only the national ID number and mobile number of the recipient.

"For 10 years, we have made several attempts trying to bring new changes in payment methods from cash-based methods to digital ones. Finally, we have taken the first milestone to a cashless society,” Apisak Tantivorawong the Finance Minister told reporters.

The launch, which was initially scheduled for October last year, did not happen because of some technical glitches on the platform. In December, Thailand government authorities began testing the system by sending welfare payments to low-income people.

However, the government has said that PromptPay money transfer service will only be available for a small number of retail customers at the beginning. Transactions below 5,000 Thai baht are free of charge. A small fee of around 2 baht is charged for money transfer transactions between 5,001 Thai baht to 30,000 Thai baht. A transaction fee of 5 Thai baht is charged for transactions between 30,001 Thai baht and 100,000 Thai baht. The system will charge a transaction fee of 10 Thai baht for transactions of 100,001 Thai baht or more.

Banks in Thailand charge varying fees for wire transfer transactions. Thailand’s largest lender, Bangkok Bank charges between 25 baht to 35 baht for mobile banking service.

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