An American payments company PayPal launches its international money transfers service Xoom in Britain and 31 other countries across the continent to expand its online money transfer services in Europe. Xoom service is an electronic funds transfer. It allows the customers to transfer money abroad to 130 other markets internationally including India, Pakistan, Nigeria, Kenya, Poland, and China.
PayPal gave a statement saying “Xoom customers can send up to EUR 10,000 in a single transaction.” Further adding to this it stated “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.”
The company said that the new service made available to the consumers would help it grab market share in the $689 billion global remittances market, building on previous launches of the service in the Canada and United States.
With the customers being able to transfer up to GBP 8,800 ($11,029) per transaction, Xoompartners with some financial firms and major banks to facilitate the money transfers. It allows the consumers to pay various bills like telephone, gas, electricity and many others in selected countries.
PayPal’s CEO and President Dan Schulman stated that “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.” Further adding on to this he 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.“