PayPal is making moves to expand its Xoom business in international markets. The remittance service is now available in 32 countries in Europe. This achievement now increases Xoom’s global footprint to over 130 global marketplaces.
The world-famous payment provider took over Xoom in 2015. However, the acquired company’s significant achievements happened last year when it onboarded 60 nations in a contract with Ria Money-Transfer. Ria is a daughter company of Euronext Worldwide.
Here’s a list of some of the top nations that were part of the 2018 deal
- India ($79 billion)
- China ($67 billion),
- Mexico ($36 billion),
- Philippines ($34 billion),
- Egypt ($29 billion).
Xoom collaborates with trustworthy financial institutions all over the globe to offer speedy and safe fund transfers to major remittance markets worldwide. It serves markets in continents like Africa, South America, and Eastern Europe.
A Speedy and Easy Transnational Money-transfer Solution
Xoom’s new services in Europe will allow consumers to buy airtime, send and receive money, and pay bills. Users of the Xoom platform can send up to 10,000 euros per transaction. Paypal users will also have full access to these services.
For Xoom account holders, the international money transfer process can be done faster via online through their Xoom.com website, or with mobile devices through the XoomAndriod or iOS app. Paypal users in those European countries are also allowed to use bank accounts and debit & credit cards to transfer money.
Customers who use the service Xoom can track their funds on the spot through message updates, email alerts, through the website, or in real-time in the mobile app.
According to PayPal, the expansion is a momentous move because the way people manage and transfer funds have changed radically over the past few years.
“We are moving away from the era when moving money overseas meant queuing in a bank for hours,” said PayPal boss Dan Schulman in a media briefing.
PayPal is not Alone
Players in the money-transfer sector are under pressure to perform with startups threatening to change the way money moves across borders.
2019 begun and a new Blockchain company known as Bluemix Inc. rolled out solutions for international remittances. Last month, Visa launched a B2B transnational transfer network to enable businesses to transfer money across borders.
Elsewhere, global money-transfer solution providers like Western Union and MoneyGram are upgrading to more digital money-moving methods.
Technology is changing the transborder money-transfer sector. Companies are making changes to meet their customers’ needs; a faster, seamless way to move money abroad.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of companies get the best merchant account.