US payments giant PayPal has expanded its Xoom money transfer app to cover 32 European countries, seeking to bring the best value to Euro consumers engaging in international transfers.
In 2015, PayPal acquired San Francisco based Xoom for $890 million, making the app its leading technology/vertical for international peer-to-peer transactions, a tech market valued at circa $650 billion.
Well established in North America, South America and India, Xoom details that it has the broadest network of supporting banks, allowing its customers to engage in cash pick-ups.
An Inter-America banking report, ranked the Xoom app as the best money transfer technology for Latin American and Caribbean jurisdictions, outperforming 38 other leading money transfer enterprises.
Supporting its European expansion, Xoom details that it has partnered with leading major banks and further financial institutions, allowing its users to undertake transfers capped at £8,800.
Competing against established European ‘money remittance’ incumbents such as TransferWise and MoneyGram, Xoom details that it aims tol charge transactional fees of around $4-10, versus the standard $5-12.
Confirming Xoom’s European expansion plans, 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. 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.”
