PayPal has announced the expansion of its cross-border payments via Xoom. With this, its partners can use PayPal USD (PYUSD) for international money transfers.
Xoom is a digital money transfer service owned by PayPal that allows users to send money, pay bills, and reload mobile phones across the globe.
Launched in 2001 and acquired by PayPal in 2015, Xoom is designed to provide a fast, easy, and reliable way for people to transfer funds internationally, especially for remittances sent by individuals to friends and family in other countries.
Xoom operates in over 160 countries and provides a wide range of financial services. Users can transfer money directly to bank accounts, cash pick-up locations, or mobile wallets. Additionally, it supports utility bill payments and mobile phone top-ups in select countries, making it a versatile platform for financial transactions.
According to PayPal, Cebuana Lhuillier in the Philippines and Yellow Card in Africa will be the first partners to adopt this new integration, taking advantage of the faster and more affordable transactions made possible by blockchain technology.
This new integration aims to promote financial inclusion, providing people in the Asia-Pacific and Africa regions with greater access to digital financial tools. It will also allow PayPal to process cross-border transactions without being limited by traditional banking hours.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, explained that cross-border transactions are essential for economic growth in developing nations.
He emphasized that this partnership will make international money transfers more seamless, leveraging PayPal’s advanced payment systems and blockchain technology.
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Jean Henri Lhuillier, the CEO of Cebuana Lhuillier, noted that this collaboration would strengthen their mission to reach underserved communities and promote financial inclusion in the Philippines.
In Africa, PayPal has deepened its partnership with Yellow Card, the continent’s largest stablecoin payment platform.
Yellow Card’s CEO, Chris Maurice, highlighted that this initiative allows PayPal customers to send money quickly and at lower costs to African countries, with funds being deposited directly into local bank or mobile money accounts.
These developments build on an earlier PayPal initiative in the U.S., where Xoom users can fund international money transfers using PYUSD with no transaction fees. Xoom, a PayPal service, simplifies sending money, paying bills, and reloading phones for users in over 160 countries.
