PayPal’s remittance service Xoom has launched a direct money transfer service for its consumers in the US.
Consumers can now send money directly to the bank account or debit card of the recipient.
They can do this online or using the Xoom mobile app, thereby doing away with consumers’ need to wait in queues at money transfer stores to send money to their family and friends across the country.
The sender only needs an eligible debit card or account number to make the transfers.
Moreover, the recipients need not sign up for an account with Xoom or PayPal to receive the funds.
Founded in 2001, Xoom provides customers with access to remittances, bill payments and more, across more than 160 countries worldwide.
Xoom VP and GM Julian King said: “As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical.
“Whether it is to provide financial help to someone who has lost their job or to help pitch in to pay bills, we are introducing an easy and secure way for our customers to support their family and friends by sending money directly to their recipient’s eligible bank account or debit cards in the United States.
“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.”
Last month, Netherlands-based global payments infrastructure company TerraPay obtained a money services business licence to enable remittances from Canada.
Malaysian money services business (MSB) operator Merchantrade Asia also recently teamed up with Ant Group on remittances.