PayPal’s cross-border remittance service, Xoom, partnered with Visa Direct to allow debit card holders to receive funds within minutes.
A new product that enables customers in the United States to send money directly to holders of Visa debit cards has been introduced by the international money transfer service, Xoom, of the financial technology company PayPal.
PayPal recently announced that Xoom and financial services company Visa had teamed, enabling debit card holders to receive money straight from Xoom.
25 nations, including the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam, offer the functionality. Users no longer need to wait the typical five business days for wire transfers because of the recently introduced service, which allows them to access the money immediately.
According to Wei-Lin Lee, vice president of remittances at PayPal, the new service may be useful for consumers over the winter and holiday seasons. Lee noted that during those times, many consumers were sending money across international borders to their friends and relatives, and that this needed to be completed promptly.
The executive is confident that users all across the world would benefit from the recently extended service. Yanilsa Gonzalez-Ore, the CEO of Visa Direct North America, noted a rise in demand for “digital solutions that assist remove hurdles” for customers wishing to send money abroad.
The CEO is confident that the new approach will be advantageous in this situation.In the meantime, PayPal has expanded to include all aspects of financial transactions.
The business has embraced cryptocurrencies in addition to improving its cross-border product offerings. The financial services company will make cryptocurrency trading available to UK consumers in 2021.
The business began enabling native transfers of digital assets from PayPal to outside wallets and exchanges in 2022.In the crypto world, cross-border commercial payments are occasionally connected to Ripple, the company behind the XRP (XRP $0.37) token, which is involved in an ongoing legal dispute.
Ripple’s goal was to provide institutions with a real-time settlement mechanism, much like Bitcoin ($19,048 BTC), which fosters a borderless economy. The company started a cross-border payments test in 2018, and institutions claimed considerable time and cost benefits.
