Xoom Launches Direct Money Transfers to Bank Accounts and Debit Cards in the U.S.
PayPal's remittance service expands U.S. domestic services to offer people more ways to support their loved ones amidst the pandemic
SAN JOSE, Calif., Nov. 19, 2020 /PRNewswire/ -- Xoom, PayPal's remittance service, today announced that customers in the U.S. can now send money directly to a recipient's eligible bank account or debit card. Available to customers in the U.S., this new functionality allows people to securely send fast money transfers online or using the Xoom mobile app to support family and friends across the country—without having to wait in lines at money transfer stores as people continue to take caution and social distance amidst the pandemic.
More than a third of Xoom users in the U.S. typically send money to support loved ones across the country at least once a month1. Now, as people across the country continue to be affected financially as a result of the pandemic, many are relying on their loved ones and network for financial support, and this new service makes the process easier for both the sender and receiver. With just their recipient's eligible debit card or bank account number, customers can send money seamlessly, and recipients can receive funds without needing to sign-up for an account with Xoom or PayPal, or fill out any forms. As Xoom is a PayPal service, customers can trust that the money transfer process is secure for both the sender and receiver.
"As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical. Whether it's to provide financial help to someone who has lost their job or to help pitch in to pay bills, we're introducing an easy and secure way for our customers to support their family and friends by sending money direct to their recipient's eligible bank account or debit cards in the United States," said Julian King, Vice President and General Manager of Xoom. "This is yet another important step in our mission to provide customers with more flexible and convenient ways to have fast and easy access to their money."
Xoom's introduction of this service comes at a critical time as more than 65 million Americans have filed for unemployment over the course of the pandemic2. People across the country are seeking ways to support those who have been affected financially by the current environment. With immigrants making up 20 percent of the total workforce in industries such as food, retail and domestic household services that have been greatly affected3, these individuals are now relying on the support of family, friends and loved ones more than ever to help pay for basic needs. With Xoom, these communities can access a quick, reliable and affordable way to send money, with transfers costing a fraction of the total transfer amount, by simply downloading the Xoom or PayPal mobile app, or visiting Xoom.com or PayPal.com.
A pioneer in digital remittances, Xoom is a fast and secure way to send money, pay bills and reload phones for loved ones in over 160 countries 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. The largely cash-based system of sending money across borders is full of paperwork, high fees, standing in line and an ever-present uncertainty of when, and if, the money will arrive when it's needed. By providing fast and secure payment options for customers to seamlessly send money across borders by going online or using a mobile device, PayPal and Xoom are helping to expand and improve the financial health of millions of people worldwide.
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 350 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
1 According to a June 2019 survey commissioned by Xoom of its users.
2 According to data released by the Department of Labor.
3 According to research from the Migration Policy Institute.
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SOURCE PayPal, Inc.
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