PayPal Launches Ripple Rival App, Xoom, To Provide Global Remittance To Over 130 Countries
The global remittance market is huge. It reached $689 billion in 2018, up from $633 billion in 2017. This year, remittances to low- and middle-income countries are expected to reach $550 billion, making it their largest source of external financing.
Many are trying to solve the problems associated with the remittance market today. Ripple is one of the best platforms in this sector but has a major competitor in PayPal who have launched their international money transfer app Xoom.
Xoom will now be available in Austria, France, Germany, Italy, Spain, Portugal, India, Pakistan, Nigeria, Kenya, Poland, China, and many other countries, bringing the service to more than 130 markets worldwide.
It provides both existing and potential customers an avenue to send money to the unbanked and underbanked in countries around the world. These funds can be sent from any computer or mobile device, and then be accessed across the world and the money can be deposited in a bank.
PayPal said in a statement:
“Xoom customers can send up to EUR 10,000 in a single transaction. A Xoom account can be set up in a few easy steps via the Xoom iOS or Android app or Xoom.com. Existing PayPal customers can use their PayPal account to access Xoom's services, making it even quicker and easier to send money abroad.”
Historically, moving money across borders has lacked speed and efficiency, and recipients didn't know when they might see the money. Although Ripple is significantly faster and cheaper than Xoom.
Dan Schulman, PayPal‘s CEO and President added:
“We know how important these money transfers are in the lives of millions of people, and how crucial it is that money arrives swiftly so it can be used for things that matter. 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 to pay for a family member's medical emergency or urgent financial needs.”