PayPal’s Xoom service expands Debit Card Deposit feature to include cross border remittances
By Edlyn Cardoza
January 13, 2023
- Cross Border Money Transfer
- Debit Card Deposit
- International Money Transfer Service
Xoom, PayPal’s international money transfer service, announced that it has launched a new cross border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa debit cards in 25 countries. Launched in collaboration with Visa, the new feature will offer remittance receivers easy, secure, and real-time access to funds sent directly to a recipient’s eligible Visa debit card.
Xoom’s Debit Card Deposit feature was launched in 2020 for U.S. domestic money transfers. The new cross border expansion increases the ability for international recipients to easily and quickly access funds sent from friends and family in the U.S. Wire transfers are a standard method of sending bank remittances; however, these can take up to five business days or longer, especially cross border. With the Xoom Debit Card Deposit functionality, recipients can use those funds within minutes however they need, such as paying bills or buying groceries, through their eligible debit card.
“We know that getting funds quickly and easily is important for many of our customers, which is especially true around the winter months and the holidays when people are sending money to their friends and family around the globe,” said Wei-Lin Lee, Vice President of Remittances, PayPal. “This expansion, through our partnership with Visa, will help more customers around the world get a fast and convenient way to access necessary funds needed for everyday essentials.”
Xoom’s Debit Card Deposit feature is now available in the following 25 markets: Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, Great Britain, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam. Debit Card Deposits will continue to roll out across additional markets in 2023.
“There’s an ever-increasing need for digital solutions that help remove barriers for those looking to send money to friends and family across borders,” said Yanilsa Gonzalez-Ore, Senior Vice President and Head of Visa Direct North America. “Through this extended collaboration between Visa and PayPal, Xoom’s Debit Card Deposit will enhance cross-border money movement with the real-time payment capabilities offered through Visa Direct.”
With Xoom, customers can access a fast, reliable, and affordable way to send money by simply downloading the Xoom or PayPal mobile app or visiting their respective websites. Earlier this year, PayPal also enabled access to Xoom directly in the PayPal experience, both in the app and online, offering more customers ways to send money to family and friends worldwide.
A pioneer in digital remittances, Xoom is a fast and convenient way to send money, pay bills and reload phones for loved ones in over 160 markets globally. These remittances serve as a lifeline for many people worldwide and are used to pay utility bills, healthcare, education costs, and emergencies. PayPal and Xoom offer fast and innovative payment options for customers to send money across borders by going online or using a mobile device. These options seek to improve millions of customers’ financial health worldwide.
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