Xoom, PayPal’s (NASDAQ: PYPL) international money transfer service, announced that it has launched a new cross-border money transfer product, Debit Card Deposit, “enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa debit cards in 25 countries.”
Launched in collaboration with Visa, the new feature will “offer remittance receivers easy, secure and real-time2 access to funds, which are sent directly to a recipient’s eligible Visa debit card.”
Xoom’s Debit Card Deposit feature first “launched in 2020 for U.S. domestic money transfers, and the new cross-border expansion increases the ability for international recipients to easily and quickly access funds sent from friends and family in the U.S.”
Wire transfers are “a common method of sending bank remittances, however, these can take up to five business days or longer, especially cross-border.”
With the Xoom Debit Card Deposit functionality, recipients have “access to use those funds typically within minutes however they need, such as paying bills or buying groceries, through their eligible debit card.”
Wei-Lin Lee, Vice President of Remittances, PayPal, said:
“We know that getting funds quickly and easily is important for many of our customers, which is especially true around the winter months and the holidays when people are sending money to their friends and family around the globe. This expansion, through our partnership with Visa, will help more customers around the world get a fast and convenient way to access necessary funds needed for everyday essentials.”
Yanilsa Gonzalez-Ore, Senior Vice President and Head of Visa Direct North America, remarked:
“There’s an ever-increasing need for digital solutions that help remove barriers for those looking to send money to friends and family across borders. Through this extended collaboration between Visa and PayPal, Xoom’s Debit Card Deposit will enhance cross-border money movement with the real-time2 payment capabilities offered through Visa Direct.”
Xoom’s Debit Card Deposit feature is now “available in the following 25 markets: Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, Great Britain, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam. Debit Card Deposit will continue to roll-out across additional markets in 2023.”
With Xoom, customers can “access a fast, reliable, and affordable way to send money, by simply downloading the Xoom or PayPal mobile app, or visiting Xoom.com or PayPal.com.”
Earlier this year, PayPal also “enabled access to Xoom directly in the PayPal experience, both in the app and online, offering more customers ways to send money to family and friends around the world.”
A pioneer in digital remittances, Xoom claims it is “a fast and convenient way to send money, pay bills and reload phones for loved ones in over 160 markets globally.”
These remittances serve “as a lifeline for many people around the world and are used to pay for things like utility bills, healthcare, education costs and emergencies.”
PayPal and Xoom “offer fast and innovative payment options for customers to send money across borders by going online or using a mobile device.” These options seek “to improve the financial health of millions of our customers worldwide.”