PayPal’s remittance service Xoom introduces direct money transfers
By Pavithra R
PayPal‘s remittance service Xoom has announced the launch of direct money transfers, through which customers in the United States can now send money directly to recipient’s eligible bank account or debit card.
The new functionality allows people to securely send fast money transfers online or using the Xoom mobile app to support family and friends across the country, removing the need to wait in lines at money transfer stores as people continue to take caution and social distance amidst the pandemic. The service enables consumers to send money seamlessly using recipient’s eligible debit card or bank account number, without needing to sign-up for an account with Xoom or PayPal, or fill out any forms.
The launch comes at a critical time as more than 65 mn Americans have filed for unemployment over the course of the pandemic. People across the country are seeking ways to support those who have been financially affected by the current environment.
“As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical. Whether it’s to provide financial help to someone who has lost their job or to help pitch in to pay bills, we’re introducing an easy and secure way for our customers to support their family and friends by sending money directly to their recipient’s eligible bank account or debit cards in the United States. This is yet another important step in our mission to provide customers with more flexible and convenient ways to have fast and easy access to their money,” said Julian King, Vice President and General Manager of Xoom.
Established since 2001, Xoom is a PayPal Service and a leading digital money transfer provider that enables consumers to send money, pay international bills, or reload phones for family and friends around the world. The firm provides fast and secure payment options for customers to send money across borders seamlessly by going online or using a mobile device.
IBSi Daily News Analysis
November 25, 2022
Why UK FinTechs are investing heavily in APP fraud preventionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage