PayPal’s Xoom offers free remittances for stablecoin users The move comes as PayPal is building out the business case for its PYUSD, which it launched last year.

[Gunnar Larson]

https://fortune-com.cdn.ampproject.org/c/s/fortune.com/crypto/2024/03/08/paypals-xoom-offers-free-remittances-for-stablecoin-users/amp/


Users of PayPal’s overseas money transfer app Xoom will pay no fees if they
use the company’s stablecoin, PYUSD, to fund their transfers. The move is a
way for PayPal to build out its share of the international remittance
market, where it trails market leader Wise, and to expand the use case for
PYUSD, which it launched last year.


In an interview with Fortune, PayPal SVP Jose Fernandez da Ponte said Xoom
senders will pay none of the customary fees—which average 2% across the
industry—while the recipients will receive the funds in their local
currency as usual. He added that Xoom provides services in 160 countries
and has a network of more than 350,000 cash pickup locations. While Xoom
will eliminate transaction fees for PYUSD transfers, users will still pay
in the form of the customary foreign exchange spread.
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