PayPal Expands its International Money Transfer Service Xoom to 32 Markets across Europe
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190715005823/en/
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.
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.
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.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
GrAI One – the World’s 1st AI Chip for Ultra-Low Latency at the Edge23.10.2019 18:15:00 CEST | Press release
GrAI Matter Labs (aka GML) today announces GrAI One – the world’s first AI processor optimized for ultra-low latency and low power processing at the edge. GrAI One, the first chip based on the company’s NeuronFlow technology, drastically reduces application latency, for instance, it reduces the end-to-end latencies for deep learning networks such as PilotNet to the order of microseconds. NeuronFlow combines the dynamic dataflow paradigm with neuromorphic computing to produce massively parallel in-network processing. GrAI One is targeted at response-critical edge applications in autonomous navigation, human-machine interaction and smart healthcare markets. The fully digital chip measures 20mm2 in TSMC 28nm technology and implements a mesh of 196 neuron cores with local neuron/synapse memories for a total of 200,000 neurons. It provides a GPIO interface to offload latency-critical AI workloads of a host processor. At 100% neuron core utilization, GrAI One consumes as little as 35mW. GrAI
Softomotive Named a Strong Performer Among Robotic Process Automation Vendors by Independent Research Firm23.10.2019 16:18:00 CEST | Press release
Softomotive announced today it has been positioned as a Strong Performer in The Forrester Wave™: Robotic Process Automation, Q4 2019 report. According to the Forrester report, Softomotive received the highest possible score in three categories, including the Innovation/market approach/access to capital, product roadmap and differentiation, and Enterprise RPA customers criteria. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191023005637/en/ Softomotive Named a Strong Performer in The Forrester Wave™: Robotic Process Automation, Q4 2019 report. According to the Forrester report (Graphic: Business Wire) Softomotive believes that this report arrives at a time of huge growth in the category, with companies focused on not only adopting RPA technology, but being concerned about how to scale and empower their workforce. This shift has driven a 2x increase in customer count year over year for Softomotive as it expands its global rea
Citi, OPIC and Ford Foundation Launch Scaling Enterprise, a $100MM Financing Partnership to Support Social Enterprises23.10.2019 16:00:00 CEST | Press release
Citi Inclusive Finance, the Overseas Private Investment Corporation (OPIC) and the Ford Foundation today introduced Scaling Enterprise, a $100 million loan guarantee facility, which will enable Citi to provide early-stage financing in local currency to companies that expand access to products and services for low-income communities in emerging markets. The announcement was made at the 2019 SOCAP Conference. Loans and working capital in local currency and at affordable rates can enable early-stage social impact companies to achieve scale, greater efficiencies and lower costs. Scaling Enterprise will facilitate vital growth financing to eligible companies that are expanding access to finance, agriculture, energy, affordable housing, water and sanitation to low-income households in emerging markets. Marking the first two transactions under Scaling Enterprise, the partners have committed $5 million in financing to INI Farms to help smallholder banana and pomegranate farmers in India access
Velodyne Announces ADAS Collaboration with Hyundai Mobis23.10.2019 12:00:00 CEST | Press release
Velodyne Lidar, Inc. today announced an agreement with Hyundai Mobis to launch a new lidar-based advanced driver assistance system (ADAS) that integrates Velodyne lidar technology and Hyundai Mobis cognitive software. The Velodyne Velarray™-based system is designed specifically for ADAS in consumer vehicles. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191023005425/en/ Velodyne Lidar announced an agreement with Hyundai Mobis to launch a new lidar-based ADAS system that integrates Velodyne lidar technology and Hyundai Mobis cognitive software. (Photo: Velodyne Lidar). "Hyundai Mobis is delighted to cooperate with Velodyne Lidar, one of the industry's most innovative lidar sensor providers, to launch a lidar system that is essential in high level autonomous driving," said Ko Youngsuk, Head of the Hyundai Mobis Strategy Planning division. "The Velarray, utilizing Velodyne’s industry-leading sensing technology, meets the deman
GSMA and Sónar Release First Details of xside23.10.2019 11:00:00 CEST | Press release
The GSMA’s successful Four Years From Now (4YFN) start-up platform and Sónar, the international festival devoted to advanced music, creativity and technology, today announced further details of their hotly anticipated co-curated event, xside. Taking place within the 4YFN venue, from 24-26 February 2020 at Fira Montjuïc, in parallel to 4YFN and MWC Barcelona 2020, xside is a new gathering including conference, networking and music to explore the role technology, design and innovation play in the future of creativity, cultures and business. As the creative heart of 4YFN and MWC Barcelona, xside is designed to create links between Sónar’s audience of creative communities, and the technological and entrepreneurial attendees of the world’s largest mobile event. It is the first integrated convergence event of its kind on this scale, co-created by leading event brands of music, creativity, technology, design and entrepreneurship. xside will welcome over 25,000 attendees across three days and
SES and Thales Reach Record Speed and Enhanced Coverage via Integrated GEO/MEO Network, Raise Bar for Inflight Connectivity23.10.2019 06:55:00 CEST | Press release
SES and Thales have taken inflight connectivity to a new level, successfully demonstrating uninterrupted access to high-throughput broadband applications for the first time over a platform supporting multi-orbit interoperability, switching seamlessly between SES’s geostationary (GEO) and O3b medium earth orbit (MEO) satellite beams. The demo flight from Melbourne, Florida to the Atlantic coast of Nicaragua saw dozens of switches successfully completed between GEO and MEO beams, and between multiple MEO satellites within a beam, using the Hughes JUPITER(TM) Aeronautical system high performance airborne modem system, SES and Thales announced today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191022006244/en/ SES and Thales Reach Record Speed and Enhanced Coverage via Integrated GEO/MEO Network, Raise Bar for Inflight Connectivity (Photo: Business Wire) Engineers aboard the test flight were able to simultaneously use a broad