PayPal will now offer its Xoom international money transfer service in Europe. The company announced the launch in a press release. Overall, 32 new markets can now use the service.
“People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally,” the statement said. “Xoom’s expansion to Europe is a significant milestone and another example of PayPal fulfilling its mission to make the movement and management of money more convenient, accessible, secure and affordable.”
The announcement comes four years after PayPal announced its intention to acquire Xoom. At the time, PayPal stated several benefits. It expected the purchase would increase its offering to customers, accelerate time-to-market, and enable international expansion.
PayPal Xoom Mobile International Transfers
In the statement PayPal CEO and President Dan Schulman highlighted two key benefits of Xoom. First, expanded international money transfers offers fast capital transfer across borders. Second, app-based cellphone functionality makes the transfers possible from anywhere.
“We know how important these money transfers are in the lives of millions of people, and how crucial it is that money arrives swiftly so it can be used for things that matter,” Schulman said. “With Xoom, someone with a smartphone on a bus in London, Paris or Berlin can send money that can be accessed quickly in Mumbai, Lagos or Nairobi to pay for a family member’s medical emergency or urgent financial needs.”
In addition, Xoom’s connects to PayPal’s other payment services. This means users can use traditional payment methods to fund transfers. For example, customers can use debit/credit cards. Or, they can transfer funds directly from a PayPal linked bank account.
“PayPal customers across Europe can also use bank accounts linked to their PayPal account to transfer funds in addition to the debit and credit card options available through Xoom,” the statement said. “Depending on the receiver country, users can choose from a range of options: deposit money to a bank account, send cash for pick-up or have cash delivered directly to their recipient’s door.”
Sources:
https://investor.paypal-corp.com/news-releases/news-release-details/paypal-acquire-xoom