Press Release: PayPal’s Xoom Service Expands Debit Card Deposit Feature to Include Cross-Border Remittances

[Gunnar Larson]

https://newsroom.paypal-corp.com/2023-01-12-PayPals-Xoom-Service-Expands-Debit-Card-Deposit-Feature-to-Include-Cross-Border-Remittances



PayPal’s Xoom Service Expands Debit Card Deposit Feature to Include
Cross-Border Remittances

Xoom’s Debit Card Deposit feature, enabled by Visa Direct1, offers
customers a way to send money -- in real-time2 -- to their friends &
family’s eligible Visa debit cards in 25 countries
.
PayPal Xoom

Xoom, PayPal’s international money transfer service, today announced that
it has launched a new cross-border money transfer product, Debit Card
Deposit, enabling Xoom customers in the U.S. to send money directly to
their friends & family’s eligible Visa debit cards in 25 countries.
Launched in collaboration with Visa, the new feature will offer remittance
receivers easy, secure and real-time2 access to funds, which are sent
directly to a recipient’s eligible Visa debit card.

Xoom’s Debit Card Deposit feature first launched in 2020 for U.S. domestic
money transfers, and the new cross-border3 expansion increases the ability
for international recipients to easily and quickly access funds sent from
friends and family in the U.S. Wire transfers are a common method of
sending bank remittances, however, these can take up to five business days
or longer, especially cross-border. With the Xoom Debit Card Deposit
functionality, recipients have access to use those funds typically within
minutes however they need, such as paying bills or buying groceries,
through their eligible debit card.

“We know that getting funds quickly and easily is important for many of our
customers, which is especially true around the winter months and the
holidays when people are sending money to their friends and family around
the globe,” said Wei-Lin Lee, Vice President of Remittances, PayPal. “This
expansion, through our partnership with Visa, will help more customers
around the world get a fast and convenient way to access necessary funds
needed for everyday essentials.”

“There’s an ever-increasing need for digital solutions that help remove
barriers for those looking to send money to friends and family across
borders,” said Yanilsa Gonzalez-Ore, Senior Vice President and Head of Visa
Direct North America. “Through this extended collaboration between Visa and
PayPal, Xoom’s Debit Card Deposit will enhance cross-border money movement
with the real-time2 payment capabilities offered through Visa Direct."

Xoom’s Debit Card Deposit feature is now available in the following 25
markets: Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech
Republic, Great Britain, Greece, Guatemala, Hungary, Indonesia, Israel,
Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania,
Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam.
Debit Card Deposit will continue to roll-out across additional markets in
2023.

With Xoom, customers can access a fast, reliable, and affordable way to
send money, by simply downloading the Xoom or PayPal mobile app, or
visiting Xoom.com or PayPal.com. Earlier this year, PayPal also enabled
access to Xoom directly in the PayPal experience, both in the app and
online, offering more customers ways to send money to family and friends
around the world.

A pioneer in digital remittances, Xoom is a fast and convenient way to send
money, pay bills and reload phones for loved ones in over 160 markets
globally. These remittances serve as a lifeline for many people around the
world and are used to pay for things like utility bills, healthcare,
education costs and emergencies. PayPal and Xoom offer fast and innovative
payment options for customers to send money across borders by going online
or using a mobile device. These options seek to improve the financial
health of millions of our customers worldwide.
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