The service is currently offered in 25 countries, including the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam.
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PayPal's Xoom cross-border remittance service has teamed up with Visa Direct to allow debit card holders to receive funds in minutes.
PayPal's international money transfer service, Xoom, has introduced a new offering that allows US users to send money directly to Visa debit card users.
PayPal recently announced that Xoom has partnered with financial services firm Visa to enable debit card holders to receive funds straight from Xoom. The service is currently offered in 25 countries, including the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam.
Users can now access funds within minutes, avoiding the need to wait five business days, which is the average wait time for wire transfers.
According to Wei-Lin Lee, vice president of remittances at PayPal, the new service could be useful for people during the winter and holiday seasons. Lee noted that several customers at the time were sending money across international borders to their friends and family and that this required quick completion. The executive thinks that users around the world will benefit from the newly expanded service.
Yanilsa Gonzalez-Ore, head of Visa Direct North America, acknowledged that there is a rise in demand for "digital solutions that help remove barriers" for people seeking to send money globally. According to the executive, the new solution will be beneficial in this regard.
Meanwhile, PayPal is gradually covering all bases in terms of financial transactions. The company has been adopting cryptocurrency in addition to improving its product offerings for global trade. In 2021, the financial services firm permitted crypto trading for customers in the United Kingdom. The company started enabling native transfers of digital assets from PayPal to external wallets and exchanges in 2022.
Cross-border payments for businesses have been associated with Ripple, the firm behind the XRP token, which has been the subject of an ongoing legal case. Ripple aimed to provide institutions with a real-time settlement system, just like Bitcoin, which fosters a borderless economy. The firm started a cross-border payments pilot in 2018, and institutions reported considerable time and cost benefits.
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