• Transfer of money to international markets would become easier through the service.
   
• The money transfer service would be made available across 32 European markets.

PayPal Holdings, Inc. (PayPal), an American multinational online payments company, has reportedly extended its International monetary transaction service XOOM to over 32 European markets.

Reports cite, the Xoom service cannot be used for ecommerce as its use for commercial purposes is not yet permitted. 130 international markets opened their doors for European users due to Xoom. Now, users can top-up their phones, pay their bills and send money globally across these markets.

According to reports, Xoom expanding into international market is a crucial achievement for PayPal. This brings the company a step closer to completing its mission of making money transfer easier, secure, convenient and affordable.

The World Bank recently reported a hike in global remittance; from $633 billion to $689 billion between 2017 and 2018. Additionally, the flow of remittance to low and middle-income countries is projected to reach $550 billion in 2019, which would be opening up their biggest source of external financing.

Meanwhile, the aggregate cost of transferring $200 remained high throughout the first quarter (Q1) of 2019, at around 7%. Through Xoom, millions of Europeans, including PayPal users, can now support their family members financially overseas in an affordable manner.

The President and CEO of PayPal, Dan Schulman stated that ways of managing and transferring money have changed over the past years. People have moved beyond the traditional methods of money transfer, which involved standing in a queue at a bank for a long time. Schulman further added that even today transferring money overseas from European countries takes a long time. However, with Xoom people can easily overcome these wait times and provide financial assistance to their loves ones during emergencies.

Xoom currently allows users to transfer €10,000 in one transaction. Services can be accessed through the Xoom android or iOS app or on the official website. Current PayPal users can use their PayPal accounts to get ready access to the service.

Source Credit: https://www.ecommercebytes.com/2019/07/15/paypal-expands-xoom-remittance-service-in-europe/