Date
21 August 2019
PayPal aims to grab bigger share of the global remittances market. Photo: Bloomberg
PayPal aims to grab bigger share of the global remittances market. Photo: Bloomberg

PayPal launches money transfer service Xoom across Europe

US payments company PayPal is expanding further in Europe by launching its international money transfers service Xoom in Britain and 31 other countries across the continent, Reuters reports.

Xoom allows customers to transfer money abroad to more than 130 markets internationally, including India, Pakistan, Nigeria, Kenya, Poland and China.

PayPal said the roll-out will help it grab market share in the US$689 billion global remittances market, building on previous launches of the service in the United States and Canada.

Britons alone transfer over US$26 billion in remittances overseas annually, many sending money to help family members pay bills.

Xoom partners with major banks and other finance firms to facilitate the money transfers, with customers able to transfer up to 8,800 pounds (US$11,029) per transaction.

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RC

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