PayPal’s Xoom, an international money transfer service, has unveiled a new product that enables customers in the US to send money directly to Visa debit card holders.
PayPal’s Xoom, an international money transfer service, has launched a new product that allows customers in the US to send money directly to Visa debit card holders in 25 countries.
PayPal announced that Xoom and financial services company Visa had established a partnership that would enable debit card holders to instantly receive funds straight from Xoom, eliminating the need for the traditional five-business-day wait for wire transfers.
The Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam are just a few of the 25 countries where the feature is accessible.
Wei-Lin Lee, Vice President of Remittances at PayPal, emphasized how this new service will be useful for people during the winter and holiday seasons when many customers urgently send money to friends and relatives around the globe.
Yanilsa Gonzalez-Ore, Director of Visa Direct North America, noted an increasing demand for digital solutions that help remove obstacles for customers wishing to send money abroad and believes this new approach will be beneficial in this regard.
PayPal is gradually expanding its offerings in financial transactions, embracing cryptocurrencies in addition to improving its product offerings for international trade.
The Debit Card Deposit feature of Xoom, first introduced in the U.S. in 2020 for domestic money transfers, is expected to help foreign recipients access money sent from friends and relatives in the U.S. quickly and efficiently.
Currently, the Debit Card Deposit feature is available in Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, the Czech Republic, the UK, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam.
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