PayPal Xoom Lands in Europe

PayPal-owned international money transfer service Xoom becomes available to European users

32 new markets are addressed, including France. Until recently, this option was only available to US users.
Covered markets: Austria, Belgium, Cyprus, Denmark, Estonia, Finland, mainland 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
Features:
- Faster money transfers to 132 countries globally
- Remote bill payments
- Mobile top-ups
Maximum amount: €10,000 per transaction
The transferred amounts can be withdrawn in cash, from more than 5,000 local agents.
Account setups can be completed in-app or on Xoom’s website within minutes. PayPal’s customers are provided direct access to the service.

KEY FIGURES

2015: PayPal acquired Xoom for $890M

PayPal:

277M active accounts

9.5M accounts in France

Expanding Xoom. PayPal bought this start-up in 2015 and now focuses on rolling out their service globally.
Challenging global giants. PayPal and Xoom still have to face competition from major industry players: companies specialising in cross-border money transfers (Western Union, for instance), payment giants including AmEx, and unicorns such as TransferWise.
Diversifying PayPal’s services. This expansion is consistent with PayPal’s overall diversification strategy, ranging from instant transfer services to integration offers, or, over time Blockchain technology.

According to the World Bank, the global market for money transfer amounted to $689 billion in 2018, vs $633 in 2017. In 2019, the volume transferred to emerging countries is expected to amount to $550 billion.

Category : Alertes quotidiennes