Financial technology firm PayPal’s international money transfer service, called Xoom, has announced a new product that allows users in the United States to send money directly to Visa debit card users.
In a recent announcement, PayPal mentioned that Xoom has partnered with financial services firm Visa to allow debit cardholders to receive funds directly from Xoom. The feature is available in 25 countries, including the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam.
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With the newly launched feature, users can access funds in a matter of minutes, eliminating the need to wait five business days, which is the average wait time for wire transfers.
Wei-Lin Lee, PayPal’s vice president of remittances, said the new service could help people through the winter and holidays. Lee explained that during those times, many customers were sending money globally to their friends and family and this had to be done quickly. The executive believes that the newly expanded service will help users around the world.
Visa Direct North America director Yanilsa Gonzalez-Ore acknowledged that there is an increase in demand for “digital solutions that help remove barriers” for people looking to send money globally. The executive believes that the new solution will be useful in this regard.
Meanwhile, PayPal has been increasingly covering all fronts in terms of financial transactions. In addition to improving product offerings in cross-border transactions, the company has also been embracing cryptocurrency. In 2021, the financial services firm enabled cryptocurrency trading for UK-based clients. In 2022, the company began enabling native PayPal digital asset transfers to external wallets and exchanges.
Related: MetaMask to allow users to buy and transfer Ethereum through PayPal
Within the crypto sphere, cross-border payments for businesses have been associated with Ripple, the company behind the XRP token (XRP), which has been the subject of an ongoing legal battle. Similar to Bitcoin (BTC), which creates a borderless economy, Ripple’s approach was to provide institutions with a real-time settlement system. In 2018, the company launched its cross-border payments pilot, with significant time and cost savings reported by institutions.
This post PayPal Xoom adds cross-border remittances on debit card deposits
was published first on https://cointelegraph.com/news/paypal-xoom-adds-cross-border-remittance-on-debit-card-deposit