PayPal launches Xoom mobile payment application in Europe

The company expects the new offer to make it cheaper than traditional payment services and more convenient than sending cryptocurrencies

PayPal launched Xoom mobile payment application across Europe to offer faster and cheaper international transfers.

The tool will allow residents of 32 European countries including Spain to send money to people from more than 130 countries around the world but making the caveat that if those recipients are left out of more than 30 countries they cannot return the money.

The platform partnered with major banks and other financial firms to facilitate money transfers with clients capable of transferring up to US$ 11,029 per transaction.

The mobile payment application offers money transfers the next day at lower prices than its main PayPal payment platform. Transfers in Xoom cost around US$ 4 in Europe and US$ 9 in more distant countries.

Therefore, PayPal enters into competition with international money remittance services such as TransferWise and MoneyGram that charge between $ 5-12 and $ 4-10 respectively. Also, it puts Xoom against blockchain based rivals like Ripple.

L. Saenz

Source: Diario Bitcoin

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