PayPal’s remittance service Xoom has launched a direct money transfer service for its consumers in the US.

Consumers can now send money directly to the bank account or debit card of the recipient.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

They can do this online or using the Xoom mobile app, thereby doing away with consumers’ need to wait in queues at money transfer stores to send money to their family and friends across the country.

The sender only needs an eligible debit card or account number to make the transfers.

Moreover, the recipients need not sign up for an account with Xoom or PayPal to receive the funds.

Founded in 2001, Xoom provides customers with access to remittances, bill payments and more, across more than 160 countries worldwide.

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.

Xoom VP and GM Julian King said: “As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical.

“Whether it is to provide financial help to someone who has lost their job or to help pitch in to pay bills, we are introducing an easy and secure way for our customers to support their family and friends by sending money directly to their recipient’s eligible bank account or debit cards in the United States.

“This is yet another important step in our mission to provide customers with more flexible and convenient ways to have fast and easy access to their money.”

Last month, Netherlands-based global payments infrastructure company TerraPay obtained a money services business licence to enable remittances from Canada.

Malaysian money services business (MSB) operator Merchantrade Asia also recently teamed up with Ant Group on remittances.