PayPal Expands its International Money Transfer Service Xoom to 32 Markets across Europe
Today, PayPal launched Xoom—its international money transfer service—in 32 markets1 across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally. Xoom’s expansion to Europe is a significant milestone and another example of PayPal fulfilling its mission to make the movement and management of money more convenient, accessible, secure and affordable.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190715005823/en/
Xoom Launches in 32 Markets Across Europe (Photo: Business Wire)
The global remittance market reached $689 billion in 2018, up from $633 billion in 2017 according to World Bank data2. In 2019, remittance flows to low- and middle-income countries are expected to reach $550 billion, to become their largest source of external financing.
The global average cost of sending $200 remained high, at around 7 percent in the first quarter of 2019, according to the World Bank’s remittance prices worldwide database. With the launch of Xoom, millions of people across Europe including millions of PayPal customers, can now support family members overseas with their medical, education, utility bills, and other financial needs, at affordable costs.
Historically, the speed of securely and efficiently moving money across borders has been slow, but advances in digital technology—in particular mobile—are enabling a significant reduction in transfer time. For example, according to the latest figures from the World Bank, almost half (45%) of all money transfers from the UK are sent to Nigeria, India, Pakistan, China and the Philippines, the five largest non-European receivers of remittances from the United Kingdom3. The introduction of Xoom allows loved ones in these markets to receive money fast when sent to a bank account4 at competitive rates.
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. Even in 2019, it still takes too long to get money from European countries to a loved one in another country. 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.”5
A fast, convenient and secure way to support loved ones back home.
Xoom customers can send up to €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.
PayPal customers across Europe can also use bank accounts linked to their PayPal account to transfer funds in addition to the debit and credit card options available through Xoom. Depending on the receiver country, users can choose from a range of options: deposit money to a bank account, send cash for pick-up or have cash delivered directly to their recipient’s door. Xoom transfers can be tracked quickly and easily via text updates, email notifications or directly from the mobile app and website. Those who send money abroad can get their questions answered from customer support staff in English, French, Spanish, Italian, German, Filipino and Arabic.
In 2018, the top remittance recipients were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion)6. Xoom partners with credible banks and partners around the world to provide fast and secure money transfers to key remittance corridors like India, China, Mexico, the Philippines and many other countries in South America, Eastern Europe and Africa.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 277 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, Xoom and iZettle, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about.
1Markets include: Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Netherlands, Norway, Portugal, Réunion, San Marino, Slovakia, Slovenia, Spain, Sweden, the UK, Isle of Man, Guernsey, and Jersey.
4 Speed is subject to approval by Xoom’s proprietary verification system and payout partners’ systems and processing hours.
5 Speed is subject to approval by Xoom’s proprietary verification system and payout partners’ systems and processing hours.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Vertex and Republic of Ireland Expand Long-Term Cystic Fibrosis Medicines Reimbursement Agreement to Include Triple Combination Therapy for All Eligible Patients Ages 12 and Over Once Licensed13.12.2019 21:55:00 EET | Press release
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today confirmed that, following recent collaborative discussions, it has negotiated an agreement with the Health Service Executive (HSE) in the Republic of Ireland to expand the existing long-term cystic fibrosis (CF) reimbursement agreement to include the triple combination regimen (elexacaftor, tezacaftor and ivacaftor), which is under review and pending approval by the European Medicines Agency, for all eligible patients ages 12 and older in line with the potential future licensed indication. This expands the existing agreement which had already included access to current and future Vertex medicines for people in Ireland with CF of any age who: Have one of the specified mutations as included in the KALYDECO® marketing authorization (G551D, G551S, S549R, G1244E, S1251N, G1349D, S1255P, G178R or S549N) or Are homozygous for the F508del mutation or Are heterozygous for the F508del mutation and have a specified mutation (P67L, D579G, D1
CreditLens™ Solution Receives SOC 2 Attestation Report13.12.2019 18:17:00 EET | Press release
Moody’s Analytics announced today that the CreditLens software-as-a-service (SaaS) solution has received an attestation report from the American Institute of Certified Public Accountants (AICPA) System and Organization Controls (SOC 2). The SOC 2 report details the security and availability of customer data in the CreditLens SaaS solution, and denotes its adherence to the AICPA’s security and availability controls standards. Built on the latest cloud-based technology, the CreditLens platform helps businesses digitally transform their commercial credit processes to make faster and better-informed decisions. It facilitates process automation and helps clients improve their efficiency, reduce errors, and streamline workflows. A SOC 2 report ensures that a company’s information security measures are in line with the unique parameters of today’s cloud requirements. The report addresses a service organization's controls that relate to operations and compliance, as outlined by the AICPA's Tru
CHMP Grants Positive Opinion for Expanded Use of Darzalex®▼ (daratumumab) in Combination with Bortezomib, Thalidomide and Dexamethasone (VTd) for Patients with Newly Diagnosed Multiple Myeloma Who Are Transplant Eligible13.12.2019 14:47:00 EET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended broadening the existing marketing authorisation for Darzalex®▼ (daratumumab) to include the use of daratumumab in combination with bortezomib, thalidomide and dexamethasone (VTd) for the treatment of adult patients with newly diagnosed patients with multiple myeloma who are eligible for autologous stem cell transplant (ASCT). The Positive Opinion is supported by data from Part 1 of the Phase 3 CASSIOPEIA (MMY3006) study, published in The Lancet 3 in June 2019, and presented at the 2019 American Society of Clinical Oncology (ASCO) Meeting. Additional information about this study can be found at www.ClinicalTrials.gov (NCT02541383). “Today’s Opinion takes us a step closer to offering the first daratumumab combination regimen to transplant eligible patients, redefining treatment for those people newl
Janssen Receives Positive CHMP Opinion for Expanded Use of Erleada® (apalutamide) for Patients with Metastatic Hormone-Sensitive Prostate Cancer13.12.2019 14:40:00 EET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending approval for expanding the use of Erleada® (apalutamide) to include the treatment of adult men with metastatic hormone-sensitive prostate cancer (mHSPC) in combination with androgen deprivation therapy (ADT).2 The CHMP’s Positive Opinion will now be reviewed by the European Commission (EC), which has the authority to grant approval for the new use of apalutamide. The Positive Opinion is based on data from the Phase 3 TITAN study, which assessed the addition of apalutamide to ADT – the current standard of care in mHSPC – in a broad range of patients with mHSPC, regardless of disease volume, prior treatment with docetaxel or staging at initial diagnosis. The dual primary endpoints of the study were overall survival (OS) and radiographic progression-free survival (rPFS). Ap
German Player Karl Rupprec Wins 2019 Boyaa Poker Tournament Europe13.12.2019 12:24:00 EET | Press release
On December 8, the sixth edition of the BPT (Boyaa Poker Tournament) came to an end. King's Resort in the Czech Republic celebrated this BPT Europe that enjoyed 600 cumulative participants from 20 countries. In the end, Karl Rupprec, from Germany, won the Main Event Championship. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191213005109/en/ (Photo: Business Wire) Highlights of the BPT Europe 2019 final The BPT Europe 2019 Main Event began on December 8 at 2:00 p.m., Czech Republic time. After 9 hours of Texas Poker, players Ondrej Drozd from the Czech Republic and Karl Rupprec from Germany reached the last heads-up. In the end, Karl Rupprec, who started with half of his opponent's chips, reversed the situation with his two nines, winning the championship. Heads-up Highlights: Karl Rupprec pair 9 and Ondrej Drozd 2, 5. The flop was 2, Q, 9, so Karl Rupprec got three of a kind, and Ondrej Drozd got pair 2. Rupprec pretended
Seoul Semiconductor’s SunLike Series Natural Spectrum LEDs Adopted by Italian Designed Architectural Lighting Brand for Motorized Luminaire with Smart Wireless Controls13.12.2019 12:00:00 EET | Press release
Seoul Semiconductor Co., Ltd. (KOSDAQ 046890), a leading global innovator of LED technology, announced that it has achieved smart lighting design with SunLike Series natural spectrum LEDs in cooperation with Casambi Technologies Oy (“Casambi”), a leading developer of wireless lighting control systems based on Bluetooth Low Energy (BLE), and it has been adopted for the Italian designed architectural lighting brand formalighting Ltd. (“formalighting”), a global manufacturer of Italian designed architectural lighting systems and solutions for a new product line which offers motorized luminaire with smart wireless controls. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191213005009/en/ SunLike implemented in motion lamps (Photo: Business Wire) The SunLike COB LED packages have been adopted by formalighting for the new fixtures, Moto-Zero 40 Compasso and Moto-Zero 66 Zoom, in track mounted motorized spotlight range. In this sect
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom