Today, PayPal launched Xoom—its international money transfer
service—in 32 markets1 across Europe. People in these markets can
now use Xoom to quickly send money, pay bills or top up phones to
more than 130 markets internationally. 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.
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Xoom Launches in 32 Markets Across Europe
(Photo: Business Wire)
The global remittance market reached $689 billion in 2018, up
from $633 billion in 2017 according to World Bank data2. In 2019,
remittance flows to low- and middle-income countries are expected
to reach $550 billion, to become their largest source of external
financing.
The global average cost of sending $200 remained high, at around
7 percent in the first quarter of 2019, according to the World
Bank’s remittance prices worldwide database. With the launch of
Xoom, millions of people across Europe including millions of PayPal
customers, can now support family members overseas with their
medical, education, utility bills, and other financial needs, at
affordable costs.
Historically, the speed of securely and efficiently moving money
across borders has been slow, but advances in digital technology—in
particular mobile—are enabling a significant reduction in transfer
time. For example, according to the latest figures from the World
Bank, almost half (45%) of all money transfers from the UK are sent
to Nigeria, India, Pakistan, China and the Philippines, the five
largest non-European receivers of remittances from the United
Kingdom3. The introduction of Xoom allows loved ones in these
markets to receive money fast when sent to a bank account4 at
competitive rates.
Dan Schulman, PayPal’s CEO and President, said: “The way
we move and manage our money has changed dramatically in the last
few years. We have moved beyond the days when the only option for
sending money abroad was to queue at a counter for hours. Even in
2019, it still takes too long to get money from European countries
to a loved one in another country. 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. 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.”5
A fast, convenient and secure way to support loved ones back
home.
Xoom customers can send up to €10,000 in a single transaction. A
Xoom account can be set up in a few easy steps via the Xoom iOS or
Android app or Xoom.com. Existing PayPal customers can use their
PayPal account to access Xoom’s services, making it even quicker
and easier to send money abroad.
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. 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. Xoom transfers can be
tracked quickly and easily via text updates, email notifications or
directly from the mobile app and website. Those who send money
abroad can get their questions answered from customer support staff
in English, French, Spanish, Italian, German, Filipino and
Arabic.
In 2018, the top remittance recipients were India with $79
billion, followed by China ($67 billion), Mexico ($36 billion), the
Philippines ($34 billion), and Egypt ($29 billion)6. Xoom partners
with credible banks and partners around the world to provide fast
and secure money transfers to key remittance corridors like India,
China, Mexico, the Philippines and many other countries in South
America, Eastern Europe and Africa.
To send money abroad with Xoom in a few simple steps, download
Xoom’s mobile app on Android and iOS or go to Xoom.com and set up
an account easily or log-in with a PayPal account.
About PayPal
Fueled by a fundamental belief that having access to financial
services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL)
is committed to democratizing financial services and empowering
people and businesses to join and thrive in the global economy. Our
open digital payments platform gives PayPal’s 277 million active
account holders the confidence to connect and transact in new and
powerful ways, whether they are online, on a mobile device, in an
app, or in person. Through a combination of technological
innovation and strategic partnerships, PayPal creates better ways
to manage and move money, and offers choice and flexibility when
sending payments, paying or getting paid. Available in more than
200 markets around the world, the PayPal platform, including
Braintree, Venmo, Xoom and iZettle, enables consumers and merchants
to receive money in more than 100 currencies, withdraw funds in 56
currencies and hold balances in their PayPal accounts in 25
currencies. For more information on PayPal, visit
https://www.paypal.com/about.
1Markets include: Austria, Belgium, Cyprus, Denmark, Estonia,
Finland, France, French Guiana, Germany, Gibraltar, Greece,
Guadeloupe, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg,
Malta, Martinique, Netherlands, Norway, Portugal, Réunion, San
Marino, Slovakia, Slovenia, Spain, Sweden, the UK, Isle of Man,
Guernsey, and Jersey.
2 World Bank’s latest Bilateral Remittance Estimates for 2017
using Migrant Stocks, Host Country Incomes, and Origin Country
Incomes (millions of US$) (April 2018 Version).
3 World Bank’s latest Bilateral Remittance Estimates for 2017
using Migrant Stocks, Host Country Incomes, and Origin Country
Incomes (millions of US$) (April 2018 Version).
4 Speed is subject to approval by Xoom’s proprietary
verification system and payout partners’ systems and processing
hours.
5 Speed is subject to approval by Xoom’s proprietary
verification system and payout partners’ systems and processing
hours.
6 World Bank’s latest Bilateral Remittance Estimates for 2017
using Migrant Stocks, Host Country Incomes, and Origin Country
Incomes (millions of US$) (April 2018 Version).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190715005823/en/
Malini Mitra +1-416-408-5793 malini.mitra@paypal.com
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