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Learn how social media is reshaping global money transfer

Updated on April 19, 2019 02:18 pm
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Social media has become far more than a place for chatting. Platforms, such as WeChat, Facebook, Google Wallet impact global money transfer in a huge way. Here are their comparisons and how they differ from traditional channels like banks and conventional money transfer companies.

WeChat

WeChat is a mobile messaging board that offers free video calls, group chat, and other features such as a shake function to link contacts with other users and a way to send money from one hand to another.

At the time of writing, WeChat has more than 700 million users, each of whom has a personal QR code that serves as a digital ID. More than half of these users can - and do - link their bank accounts to this QR code to receive and send money. WeChat is popular for its intuitive and user-friendly programming said to be superior to Facebook. The service also offers an array of features that Facebook and Google Wallet lack such as advertising, e-commerce, digital content, online-to-offline services, and finance.

Facebook

Facebook is a slightly less superior version to WeChat. Its intended programming bots are going to replace apps, so instead of calling, let’s say, a florist to order flowers, users will be able to message the florist instead. The system will be a slightly more sophisticated version of WeChat's e-commerce venue. So, fro instance, WeChat gives automated replies to simple commands. Facebook plans to go further and respond with natural language processing. In short, there’s a similar approach, but a stronger emphasis on artificial intelligence. Facebook is, also, working on helping Messenger users send money to one another - that's where your money transference comes in.

Google Wallet

Google Wallet is a simple, practical tool that helps users send or receive money through a mobile phone or computer. Google Wallet is actually better than Facebook in that users can also link it to their bank account (as well as link it to their credit cards). (In fact, users have to do so to benefit from the system). The app is only available for certain smartphones that run Android 4.0 and above, and for iOS devices that run iOS 7.0 and above.

Google Wallet, Facebook and WeChat all help users give and receive money. WeChat is the most sophisticated of all also offering an array of features that includes advertising, e-commerce, digital content, online-to-offline services, and finance. It’s an intuitive and user-friendly interface. Facebook remains inferior to WeChat in that users can only send money from one debit card to another not to any bank, although it is working on a more sophisticated processing system that will be powered by bots. Google Wallet allows users to achieve basic functions, such as… It lacks WeChat’s advanced features.

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