Tuesday, October 29th, 2019
PayPal is working on expanding its Xoom business in overseas markets. Now, the service is available in Canada and the US. It allows users to process transactions across 130 countries. This article will tell you more about the topics and help you with the right payment-processing services in the UK.
PayPal – Xoom Expanding Their Services
US payments giant is expanding its business in Europe: the company is starting its international money-transfers service Xoom in Britain, as well as in 31 other European countries. The payment provider acquirer Xoom in 2015, but significant achievements happened in 2018 when 60 nations were onboarded in a contract with Ria Money-Transfer.
Thanks to Xoom’s new services in the European continent, consumers will be able to buy airtime, transfer money, and pay bills. The Xoom-platform users will be allowed to send up to 10.000 euros for each transaction.
By the way, the payment giant has made more than one acquisition. These include iZettle, payment processor Hyperwallet for online marketplaces, fraud-prevention specialist Simility; as well as artificial intelligence (AI) startup Jetlore. In addition, the payments provider invested $750 million in MercadoLibre, which is the biggest and the most successful e-commerce provider in Latin America.
According to the payments giant, this will greatly help with grabbing market share in the US$689-billion global-remittances market. By the way, Brits alone transfer more than US$26 billion in remittances internationally on a yearly basis. Many of them are sending money to their family members so they can pay bills.
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Global Money-Transfer Solutions
Modern advances in technology are revolutionizing the way money is transferred across borders. Payment companies are improving their services to meet their customers’ changing needs.
In 2019, a new blockchain company called “Bluemix Inc.” launched its solutions developed for international remittances. Visa has recently introduced its B2B transnational-transfer network that allows businesses to send and receive funds across borders.
Western Union, MoneyGram Global, and other global money-transfer solution providers are upgrading their services to start offering more digital money-moving options.
According to the payment giant’s CEO and President Dan Schulman, this is 2019, but people still spend long hours on money transfers. As Schulman notes, they know how important fund transfers are for people and how critical it is that funds are received swiftly so to be used for things that matter.
To sum up, each acquisition helps PayPal expand its business in more than one way. Xoom’s deal plays a special role in completing multi-channel international-money transfers.