PayPal Xoom financial technology company adds cross-border remittance on debit card deposit
On January 12, the international money transfer service Xoom from financial technology company PayPal announced a new product that enables users in the United States to send money directly to Visa debit card users.
Recently, PayPal revealed a partnership with Xoom and financial services provider Visa that would allow debit card holders to receive money directly from Xoom. The capability is available in 25 countries, including the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam.
Due to the freshly launched service, users no longer need to wait the customary five business days for wire transfers to receive their money.
In the next winter and holiday seasons, consumers may find the new service helpful, according to Wei-Lin Lee, vice president of remittances at PayPal. In those days, a lot of consumers were moving money over international boundaries to their friends and family, and this needed to be finished right away, according to Lee. The executive is certain that the recently expanded service will be advantageous to people everywhere.
The demand for digital tools that help customers send money abroad has increased, according to Yanilsa Gonzalez-Ore, CEO of Visa Direct North America. The CEO is sure that this circumstance will benefit from the new strategy.
PayPal has since grown to cover all facets of financial transactions. The company has expanded its cross-border product offers while embracing cryptocurrency. In 2021, the financial services company will offer bitcoin trading to customers in the UK. In 2022, the company started offering native transfers of digital assets from PayPal to external wallets and exchanges.
CBW - External Analyst