United States company PayPal is expanding its services in Europe even further through the launch of its international money transfers service, Xoom, in the United Kingdom and 31 other countries all over the continent.
Xoom gives customers the ability to transfer money abroad to more than 130 international markets, such as India, China and Nigeria.
PayPal stated that this service will help it obtain significant market share in the global remittances market, thus expanding on the previous launches of Xoom in the United States and Canada.
People in the United Kingdom transfer over €23.1 billion in remittances annually alone, with plenty of customers sending money to aid family members in paying their bills.
Through the service’s partnership with major banks and other finance firms, the process of transferring money is facilitated greatly. Xoom aims to “provide convenient, safe, and affordable money transfers.”
Customers are able to transfer up to €9,800 for every transaction.