The use of PYUSD will enable PayPal to conduct settlements without the constraints of traditional banking hours. Credit: Alex Photo Stock/ Shutterstock.

PayPal’s disbursement partners can now settle cross-border money transfers through its Xoom platform, using the PayPal USD stablecoin. 

This move aims to ta the cost and speed benefits of blockchain technology. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to utilise PayPal USD (PYUSD) for settling cross-border transactions.  

This integration is expected to drive financial inclusion by expanding access to digital financial solutions.  

Moreover, the use of PYUSD will enable PayPal to conduct settlements without the constraints of traditional banking hours. 

Philippine micro-financial service provider Cebuana Lhuillier has been collaborating with PayPal for 18 years, facilitating money disbursements through its network.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Besides, PayPal has extended its collaboration with Yellow Card, the first licensed stablecoin on/off ramp in Africa. It follows an earlier integration that enabled Yellow Card to be the first fintech company in Africa to provide PYUSD.  

This alliance will allow Xoom to utilise PYUSD for settling transactions made by PayPal customers.  

Soon, PayPal users will be able to send funds to recipients in Africa, with the option for direct deposits into local bank or mobile money accounts. 

In April, PayPal announced that US-based Xoom users could fund fiat money transfers abroad using PYUSD with no transaction fees.  

The new settlement feature will not be accessible to distribution partners in New York State at the time of launch. 

“Cross-border transactions are an important driver for economic growth and prosperity in developing countries,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal. “With this step, Xoom and its partners, like Cebuana Lhuillier and Yellow Card, will be able to leverage PayPal’s payment technologies and the blockchain to further enable seamless money transfers across borders.” 

Earlier this month, PayPal introduced a feature that simplifies creating money pools for shared expenses, now available in the US, Germany, Italy, and Spain.